Actually no....to revert your RAW files to their original state you need to open Adobe Bridge and navigate to the folder containing the files.
Select the files you want to return to their original state (CTRL+A for all the files) then right-click and select Develop Settings > Clear Settings. Using the fly-out menu in Adobe Camera RAW is incorrect and it doesn't even have the Clear Settings option.
Try this... when a previously edited RAW file is viewed in Adobe Bridge it can possibly have two icons in the upper right corner of the thumbnail(s). One icon indicates that the image has been cropped, and the other indicates that the settings have been edited. If you select Develop Settings > Camera RAW defaults you are simply substituting the ACR default settings for whatever personal edits you did previously. Consequently the "edit" icon will not clear. If you use Develop Settings > Clear Settings, the icons will disappear indicating that the file is now back in its original state.
In the attached screen capture of a RAW thumbnail as viewed in Adobe Bridge, the rectangular icon in the upper right corner indicates the file has been cropped, the other icon with the two sliders indicates that the file settings have been edited.
So as previously stated, to get your RAW files back to the state as they came out of your camera, you right-click on the thumbnail(s) and select Develop Settings > Clear Settings and the icons will disappear. If you choose Develop Settings > Camera RAW Defaults instead, the icons will not clear because you've now substituted the ACR default settings.
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