It's a reset. A relearn would be if you completely replaced the SWPS and had to "synch" it to the BCM/EBCM/PCM/network.
As to the T2, even myself, with a genuine unit can't do much programming because you need authorization from the GM Tech Center in Warren, which means you have to have an active connection and license to them. So I wouldn't sweat to much on that point.
The T2 is great for bi-lateral controls. Meaning when it tells you to test a module/sensor/other component, you can command it to do something and then get it's reactive state to determine if said module/sensor/component is functioning as designed.
A perfect example of this is diagnosing an EVAP code for example. Testing the EVAP Purge and Canister solenoids are steps in the process. When the EVAP Purge solenoid is open, the canister should be closed and vice versa. So if you command the purge closed, it closes, the corresponding Canister should open (and vice versa). If one of them doesn't do what is expected, you've effectively troubleshot the system and found the culprit. Just a reader won't do this.
Another example, if you're trying to take an emissions test, and all your readiness monitors (Your I/M system status in GM speak), aren't all set, you can follow procedures with the Tech 2 to manually get them to run and pass.
Example on my Cadillac;
On my Mother's old Monte Carlo (I had HO2S response issues and needed to get it back to ready to take the wisconsin emissisions test)