You said "memory reset." What does that mean, if they remember everything? And 2 year old are mentally 7 and 10 year olds mentally 15. Are they going to be able to move up grades like the should or uselessly repeat courses?
And no way, no how does it work that there is a planet wide, multi-planet wide, universe wide break in births for 5 years without freaking out the populace.
Reboot and de-aging are different things - deaging people just get younger. Universe reboot means things happened differently and the past has changed.