If I reset a Toshiba laptop to its factory settings (an out-of-box state), will it affect the BIOS update or new WiFi card driver that has been recently replaced by the manufacturer?
it will affect nothing related to bios. however drivers and other stuff might have to be be reinstalled.
BIOS settings are *not* changed by the "restore to factory settings" software.
The WiFi card driver however will be changed. Not to worry. Download a copy of the driveer from the manufacturer's web site and save it to a safe place, reset the PC to factory state and install the driver. Job done.
Of course, make sure to have any data on the C: drive backed up before you do any of this, as the restoration operation is likely to erase the entire disc.
don't worry about bios and anything, it just reset settings you changed....
i think it will revert WINDOWS to the state as you just had purchased it, so you will have to install all the updates once again, Concerning BIOS perhaps will retain the updates now BIOS also have Reset to factory defaults.