The iPad is jailbroken so i would not recommend that you "Reset" "Erase all content and settings" this could "Possibly" force you in to a "BootLoop", this will ultimately force you to update to the latest iOS for you're device.
You may Possibly have no Jailbreak avalible after !!
Running the "Reset" "Erase all content and settings" option from settings/general is very risky as the iOS firmware will attempt to rebuild it's self, it rebuild's it's self from the information stored on your iPhone. You're information is stored entirely in the iPhone’s flash memory. This includes the iOS operating system.
The iOS operating system was intact and untouched when YOU installed, but when you Jailbroke the device you changed things and the intact untouched iOS operating system has been changed and is no longer the same as it should be, the device can no longer read the iOS operating system correctly and can crash causing a "BootLoop".
The risk is completely down to you but i would advise you not to take it, especially if you wish to keep the Jailbreak.
Never "Reset" or "Erase all content and settings" on a Jailbroken device.
You're iPad can update to 9.3.5, it is as high as it can go, good new is there is a JB available for you're device.