Is it the same when an iphone is erased because of too many incorrect wrong passcode attempts vs a factory reset?

My dad signed up for an apple id with his company email, but the company later closed down, and he no longer has access to that email address. He’s unable to sign in to his Apple ID because he’s forgotten his password, and cannot reset his password because the apple ID was registered using his now deactivated company email address.

He recently got a new phone and we’re planning to sell his old phone. We have the passcode but we’re unable to perform a factory reset via the settings because it requires his apple ID password. I found a setting that deletes all the data if the passcode is incorrectly entered 10 times, and I wonder if that does the same thing as a factory reset?

Otherwise, is there any other way to remove his apple ID from the phone? Thanks!