Hello,
I'm not sure if I understand your question? But the S-Records only contain the code and constant data (see S-Record, Intel Hex and Binary Files | MCU on Eclipse ), so all what you would get from a reverse engineering standpoint is an array of hexadecimal values. If you now the memory map, you can transform this with a disassembler into assembly code with no symbol/variable information: you only will see absolute addresses.
You will not get to the level of C code.
I hope this helps,
Erich