I want to reset and clear the iPad.
But I would like to keep the iOS updates.
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No. Factory resetting your phone only deletes the user data; the operating system and firmware will still remain the same.
That means, if your iPhone is running iOS 9.3.2 before you reset with
Erase all content and settings, it will be running iOS 9.3.2 (minus all of your data) once it starts up again.
You cannot revert the operating system. As a result, you are free to remove all content and settings and the iOS version will remain the same. Resetting all settings will also not impact the operating system.