A factory reset certainly couldn't hurt, but for a non-rooted user it can be kind of a pain to set everything back up. If you don't have an issue with that, its a relatively easy way to solve a lot of problems.

 

As far as actions go, a factory reset will take your device back to the way you got it from the factory. While it would probably benefit you more to uninstall apps or change usage patterns till you figure out the issue, a factory reset will solve the problem. You'll just have to set your phone back up after you do it, which can be a pain.