Monitoring my daughther’s iPhone for her safety

It depends what you mean by “monitor”. The parental control options are described here—>Use parental controls on your child's iPhone, iPad, and iPod touch - Apple Support

A lot of parents use the Screen Time settings to prevent changing the phone’s passcode so her use and communications can be reviewed periodically, to require that Location Services and Cellular Data are always on so the phone can be tracked.

There are 3rd party solutions that can provide more control; however, they all require hacking the phone, which is much riskier for her than anything she might do with the secure, unhacked phone.

It’s bad policy to share an Apple ID with her. While you can see more of her activity, she can also see your activity, messages, photos, email, reminders, etc. As a parent I would hope you have sufficient parental authority to require her to participate in family sharing. Apple will never be a 3rd party; Apple has no access to anyone’s data and doesn’t want the responsibility to share or protect it. The parental controls built in give you a lot of control over her web browsing. You can get a record of her calls from you cellular provider. Messages are a problem that has no solution. You would have to disable iMessage, block all messaging apps such as WhatsApp, Facebook Messenger, Signal, Telegram, Google Hangouts, Google Duo, Symphony, etc. if you do this then your carrier will have a record of her SMS/MMS texts (the numbers, not the contents).

if you are that concerned about her abusing the privilege of owning a smartphone perhaps she should just have a dumb flip phone (they are still available).