Theoretically, RAID 1 is the only type you can reset and the data will remain, because it is a mirror. If you reset a RAID 0 or RAID 5 the data will be lost. You may still consider creating another back up just in case something else happens.
Revisiting your description above I can see you are… “currently working with one drive - the other still shows a status of "failed" in the Intel Matrix Storage Console and shows "Error Occurred" on the boot screen.” This probably means the drive is already damaged.
You may enter the RAID option ROM by pressing Ctrl+I before Windows* initiates booting process. You will only be able to enter when two hard drives or more are connected to this SATA controller. Then, you will see something like this. The option Reset Disks to Non-RAID should be available there.
Afterwards, you may run a diagnostic test on each drive. Replace the failed drive if needed, boot to Windows* and use Intel® Matrix Storage (or IRST) to create the RAID again.
Creating the RAID from Ctrl+I will delete the existing information but if you use IRST in Windows* you can choose which drive to use in order to rebuild your RAID again. Do not forget to check if you can update your IRST software and BIOS.