The Clear-AIPAuthentication cmdlet resets the user settings for the Azure Rights Management service. For a list of files and registry entries that are deleted, see the following sections from the admin guides:
Classic client: More information about the Reset Settings option
Unified labeling client: More information about the Reset Settings option
For the unified labeling client, files in %LocalAppData%\Microsoft\MSIP\AppDetails are not deleted if you authenticate by using a token from Azure AD when you run Set-AIPAuthentication.
In addition, for both clients, all Rights Management templates from the %LocalAppData%\Microsoft\MSIPC\msip folder are deleted for the current user.
Rights Management templates are not deleted from the %LocalAppData\Microsoft\MSIPC folder that Office uses.
PS C:\> Clear-AIPAuthentication
This command is functionally the equivalent of selecting the Reset Settings from the Help and Feedback menu option, and deleting the templates.