That'll erase all things of a given type I think. I'm always nervous about using that since there's a way to CLEAR ALL TYPES using the eraser and I don't want to do that accidentally. But good to note.
Clearing all waypoints I generally have the WP tool up and hit Shift+Del. Another thing to note is that once you highlight a WP, pressing Del will remove it plus highlight the next WP in the series. Thus it's a simple matter of selecting one WP and pressing (or holding down) Del till they are all removed individually.
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