While that moves the pieces back to their original position, it does not reset to the original game state. After moving the knights back, it would only require 48 additional moves without a pawn moving before the game ends in stalemate, where it required 50 moves at the start of the game.
Because both players have already taken two turns, a player can claim a draw after only 48 moves. If the movement of the knights was repeated 25 times, for instance, then either player could claim a draw. However, this is not possible at the beginning of the game, so simply moving the knights back does not actually restore the game state.
It's just built into the rules: 50 moves without a capture results in a stalemate (https://en.wikipedia.org/wiki/Fifty-move_rule). I guess you could say that the two moves 'go' into the implicit state counter that keeps track of the number of moves without capture.