"Welcome to the show. We have some lovely gifts for you, just for playing"
Yes, of course you can factory reset. RTM (there's a billion copies online if you don't have it). Or you can have the answer in 0.000035 seconds - it's called "google.com".
You can also search THIS forum (top of every page), as this issue has come up about 493,139 times...
Harry, look in the "Documentation and Manuals" subforum (found on the first page immediately below this portastudio forum's title) for HankWillow's "Home Guide" thread.
(the Guide "covers areas of operation left out of the 2488 manual" ).
FYI, apparently the described factory reset procedure also erases/reformats the hard drive and restores it to the 2488's "when new" state.
If you don't want to reformat the hard drive, Phil Tipping's video tutorial for the DP-24/32/SD portastudios describes how to reset to a known state. Perhaps something similar can be done with the 2488.