I have the circle with line startup problem on my iMac. If I choose the reinstall macOS will I lose all my previous files on the internal hard drive?

I am concerned about losing files from my internal hard drive of my iMac. When I switch it on I get the warning circle

with a line through it. I tried restarting it so I get the choice of macOS utilities but I don’t know which is the best solution to use. Unfortunately I don’t have a very recent Time Machine backup..... Does reinstalling macOS wipe the contents of the previous hard drive?