Yes, standard format (not quick) will wipe everything from the partitions. If you have unpartitioned areas which cannot be formatted, then those areas will not be wiped of course. And the partiion table obviously cannot be wiped by format either (unless you create a mount list which contains the first two cylinders).
And be warned that you cannot format above the 4GB bar unless you use the very latest format program of OS3.9 or sfsformat, pfsformat or similar.
However, in a laboratory with the possibility to disassemble the drive and to measure magnetism inbetween the "official" tracks, it would probably be possible to recover at least part of the data. If you search the internet you'll find many success stories from recovery companies who recovered all data from HDDs which were accidentally prepared to be sold.
Bye,
Thomas