Can my company delete my personal iCloud information from a company supplied iPhone?

I have a new iPhone 11supplied by my company. I wanted to sign in using my personal AppleID account. They stated I should create a new ApplieID using my work email as it may be possible to delete my personal information if I should have to turn in my phone (leaving for another company or fired).

It would be much easier using my personal AppleID which I have done in the past. Can work delete my backed up iCloud information from the company phone if I have to turn it in?