In theory, removing the postive wire and negative wire from the battery terminals will indeed cut out the supply to any electrical and electronic device that required 12 VDC in order to work.
By leaving the terminals disconnect for a few minutes, it will allows certain electronic device to slowly discharge any electrical energy stored in a capacitor. Once the energy is depleted, any stored information will automatically get wipe out in the RAM (Randome Acess Memory). That is why you need to reprogram your radio station whenever you disconnect the supply to the radio.
However, by shorting the positive and negative terminal together, you are in fact trying to "quickly" discharge the stored energy in the capacitor. However, this is not true because most of the electronic device have diodes incoporate in their circuit to protect the device from short circuiting and under voltage during engine cranking.
In conclusion, shorting the terminals does not harm the electronic as the potential difference is basically zero but whether it will quickly reset the ecu is another matter all together.