Should I do a factory reset?

Hi all,
I have been using a 2nd gen fire tv for a long time, because the speedtest numbers are higher than even my latest 4k fire stick. My problem is the dreaded low memory. I have transferred most if not all apps to an on board sd card, yet not much change. My question is: If I remove the sd card and then do a factory reset, would the sd card with the transferred app be recognized?
Thank you for your help