I can confirm it. I used Android Device Manager to issue an "erase" command to my Nexus 10 tablet that I had thought stolen. The next day I recovered the tablet from a place where there was no open wi-fi and it had been unable to connect. ADM's popup window states that if a device is offline it will be reset the next time it goes online.
I turned off the device's wi-fi to make sure it stayed offline and used my desktop to load ADM. The "erase" option was still available for the device because my device had been offline continuously. I again selected "erase" from the initial ADM screen but this time selected "cancel" from the subsequent pop-up window instead of confirming the erase. I repeated this process again for good measure.
With some trepidation, but out of options, I turned on the tablet's wi-fi, allowing it to connect. Android asked me to sign in and go through my two-step verification process. I did, and my Nexus 10 came alive and operated normally, having not been reset and with all programs and data intact.
Hopefully this will work for others. Like the previous poster, my success was certainly due to my device remaining offline and being unable to receive the initial "erase" command then going online only after apparently cancelling the erase with the process above.