iTunes does not recognize my iPhone 6 in recovery mode

I have an iPhone 6 that is stuck in the so-called "boot loop." I can get it into recovery mode, but on my MacBook Pro running Mojave, iTunes does not recognize it. On my iMac 2020, running Catalina, I am given the option of "Update" or "Restore," but when I click either, a finder window opens, presumably looking for a backup file (see attached screenshots). However, I do not know where such a file is, what it is called or whether or not I have one.

I simply want to restore it to new iPhone status. I do not need to save any data on the phone.