I see some people here in the comments saying that it could damage it... but the real answer is that it's not damage but actual wear over time... any drive has a maximum write/ reads before the performance goes to shxt, but even then, before your storage is completely done in terms of write/reads health, you probably would have a new phone... I see people still running on 6s and iPhone 8, and I've never heard of any storage failure yet from an iPhone... Also reinitializing/wiping to factory data, your phone can fix some OS corruption along the way. So why would resets ruin or damage it ? :)
I used to wipe a lot of times my last 4 phones I got from android to iPhone Mix and never had any issues ( sometimes I would eventually wipe my phone storage like 40 times a month)
Just enjoy your phone and maybe stop wiping it continuously because it takes away your enjoyment time off your phone, don't you think? :)
The iPhone 12 lineup has some really bad battery health overall... my old refurbished 12 Promax dropped from 98% to 85% in 3 months of usage by charging it one time every 24 hours and also sometimes one time every 48 hours... most 12 phones have like 72% health after just 2 years of usage instead of around 85-88% Also, yeah... if your phone was actually new in seals, etc, that doesn't mean it's actually "new" Phone could've been sitting in a box for a long time unopened before getting it sold to you ( because iphone 12 lineup is discontinued) Battery ages even if you don't use it !!