if you take it out and reformat the drive, it is not a NAS drive anymore. It also deleted all data, OS. At this point, there should not be access via the dashboard.
Currently, it is what is call “brick” mode. and of course, you need to unbrick it. There are two guides, V1 and V2. Use whatever works for you.
A NAS drive is not the same as a USB hard drive. You cannot just format it. NAS have their own OS.