They both have their use case.
It resets to whatever it was before I started sorting is useful when there is a default sorting, that is more or less implicit.
Famous example: Spotify. A list of songs can be arranged in for example albums, play lists or search hit relevance, that all have built-in sorting order (track number, arrangement by user, and secret algorithm, respectively). This order is not necessarily arranged in a column, or might be downplayed visually compared to the other default columns, or might not even show at all. So the third clicks gets you back without looking for it.
It sorts descending (again) is useful anywhere else. With no downplayed or hidden sorting columns, there is no need for the convention-breaking third click (unless this third click one day actually becomes the convention!)