No, it doesn’t erase the conviction, it “forgives” you from the perspective of the government. Commutation ends the punitive aspect of the conviction.

I have a somewhat distant relative who was pardoned after being over-prosecuted by a zealous DA. They were a victim of a felony who did something in response that could have been charged as anything from a citation/violation to a felony, the DA’s discretion was to choose the harshest possible resolution.

They still have a hard time getting work because the conviction must be reported.