No bro it will just>
- Restore PS3 System
- Fresh restore
- Deletes everything and starts from Scratch
you stay on the same firmware, you can still update or downgrade, basically what's like is reinstating 4.46 rebug again, but this will fix the missing files that is not letting you sign in.
How to enter recovery mode!
1. Turn off your PS3.
2. Hold down the power button and wait for your PS3 to turn on and off.
3. Once it has turned off, hold the power button until you hear 2 beeps.
4. When you hear the 2 beeps let go of the power button.
5. Plug in your controller and press the PS button.
6. The Recovery menu should be on your screen now!