Resetting internal WordPress state during its cycle

The general answer is “no”. WordPress has too many globals (and new ones are being added in every new release 🙁 ) to be able to “reset” the general state in a sane way, and there is no “api” to do that. (and this without even talking about themes and plugins which are a can of worms probably bigger than core).

But… it depends on what are your specific needs. WP-CLI as it is now might not be able to reset things in the way you would like it to do, but you can always try to extend it with the “reset” functionality in the areas important to you.