https://play.google.com/store/apps/details?id=com.picsart.studio&hl=en_US
Using Clear data on an app is going to wipe all that app's configuration and settings, basically returning the app back to its original, first-time-used state. Looking through its Play Store page it's apparently just a photo and video editor, it won't wipe your photo library but this will delete everything that pertains to PicsArt. If you change your mind and want to use it again, you'll need to authenticate your account again. Clear data is generally not a typical maintenance task, it's more of a last measure to try when an app has become really problematic, or when you want to wipe all traces of an app when before you Uninstall it.
So is there a specific reason as to why you want to use Clear data? Could you provide more details as to even why you want to do this?