No, no, no. Erase all Content and Settings will erase everything from your phone's NOR Flash memory, including your OS. For a 2G or 3G phone it will overwrite the entire memory with 0's, a process which can take a very long time; for a 3GS it will delete your phone's encryption key. In either case, your phone will stick at the boot logo and will have to be restored and you will lose your jailbreak.