Yes it is. The database reset still retains (and does not alter) the original drivers, main application files and so forth.
It simply removes the working/useable database in the main "storage" files and anything stored in the PC memory.
Every firewall I have seen uses some sort of file storage and memory space for it's firewalling.
The database reset is just a neat way to clean out the ZA and get it back to the original first installed state.