Once I erase the hard drive and reinstall MacOS, is the factory reset done?

Hello. I've been working on resetting my old 2020 MacBook Air with an i3 processor. For some reason, the "erase all content and data" button didn't work, so I used recovery mode and Disk Utility to erase the hard drive and reinstall the first OS that came with it, Catalina.

Is that it for the reset? Are my old files definitely gone and I can give the laptop away safely?