I can't see how Chloe could have such large gaps in her memory and not notice. Like, who is this Oliver Queen person? Was she involved with the League or not? Does she remember having Brianiac powers? Does she remember being in the Luthorcorp prison at the start of the season? Does she remember saving Lois from being stabbed, and does she remember why she was there in the first place?
Up to a point, I don't remember everything that happened to me in detail over the last 5 years, I don't think about the events of each day, and if she was "programmed" to avoid thinking about things like that, she might not notice, but that's a huge violation.
Clark is also not realizing, if Chloe didn't know his secret, she couldn't have helped him all those times, he'd be dead from kryptonite several times over, and many other people wouldn't have been saved. He is putting "protecting" her ahead of all the good she has done the past years, because she won't be able to do more good over the next few years.
She's no dope. What happens if she figures it out again? Another mind wipe? And another?
There's no ethics or logic to this move at all. Which makes it a really bad reset.
So making the reset, what does this accomplish for the story? Does it make it better? Does the rest of the season improve because Chloe doesn't know? It takes her out of the role of Clark's sidekick. Presumably this is to give Lois more screentime, Clark won't be running to Chloe for the magic information he needs every episode, he'll have to find it out himself.