Yes, technically. It's not primarily a reset signal, per-se.... It's how the USB host knows there's a device on the other end. By turning on the transistor, you pull the line (either D+ or D- depending on the device speed you're advertising) to 3v3. It goes through a resistor (pull-up) because the data line still needs to serve as part of the differential pair.
If you need to reset the bus, you can drop the pull-up, signalling a device disconnect, and then pull it high again to re-enumerate. You could use a resistor to 3v3 alone... however.... your MCU is not likely to be fully booted before the host starts interrogating your device, so you may end up with "device malfunction" errors without a means to delay presence detect until the code is ready to participate on the bus.