iPhone 7 is stuck on apple logo, even after attempting a factory reset

Wondering if anyone can help me with this. A few days ago, my iPhone 7 has just been stuck on the apple logo boot loop. I've already gone through the process of holding the lock screen button and the volume down button to which it prompts me to connect my phone to the computer. I've tried selecting the "Update" option as opposed to "Restore iPhone" as I'd prefer to keep my data intact rather than a hard factory reset, but after waiting for my Macbook Pro to download the software update, it returns a message saying something along the lines of "The iPhone "iPhone" could not be restored because the firmware file was corrupt". Instead, I figured that perhaps my iPhone didn't have enough spare storage to support the update so I figured a factory reset was my only option.

I repeated the process again and found that after my Macbook finished downloading the software update, instead of resetting my iPhone it instead disconnected my phone from the computer and the phone is repeating the loop once again. Is there any resolution to restore my device?

Other info to help give better context:

• iPhone iOS version prior to the issue as about iOS 13 or above. I try to regularly update my phone.
• MacOS = Catalina 10.15.3
• iPhone is a 256GB iPhone 7. Memory was running very low. Issue started after I tried to offload some old videos and photos that was taking up space onto an external hard drive.