Hi WDNJSQ,
Erase Flash
Erases the memory, including the system software and configuration file.
When the device is used in another environment, you can clear the memory and reload the system software and configuration file.
Format flash
Format the memory.
When a fault such as a bad area or unavailability fault occurs on a memory, you can rectify the fault by formatting the memory. If the fault persists, contact Huawei engineers.
If you just want to delete the files on the flash memory, use release.
I hope it helps.