I always use "Create Partition Table" function in GParted if I want to wipe USB drive content, for example to restore from bootable USB to normal storage— the reason I do this because it significantly faster to do this as opposed to normal formatting.
Normal formatting (right click drive and select Format to..) of partition takes 10-20 minutes in my 32GB usb drive, while "Create Partition Table" only takes 5 seconds. Why the big time difference?
Formatting operates on a partition and replaces the filesystem in it, while creating a partition table operates on the whole drive, but does not format.
If you recreate your partition table with exactly the same partition locations as pre-existing filesystems on the drive, your filesystem and all of its data will be recognised and become mountable again (with the right conditions). Though this can also lead to some issues if you don't quite get the dimensions right.
Whereas if you format, any pre-existing filesystem in the same location will be discarded. It may be able to be recovered using low level tools, but the new filesystem while mounted will be clean of it.
Formatting should take around 5 seconds. If it is taking minutes, you may have accidentally initiated a "full" format which is basically a wipe of the whole partition by filling it with zeroes, followed by formatting. This is not necessarily, unless you have sensitive data that you don't want recovered (and if you do, there are other tools that will do a better job of wiping it).