If I removed an iPhone 11 off my iCloud.com account would it automatically reset to factory settings when turned on
If I removed an iPhone 11 off my iCloud.com account would it erase and reset once it was connected to internet
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No.
Not unless you requested a remote erase.
And if you wish to retain Activation Lock, remove it from your trusted device list, but not from your Apple ID.
Details > If your iPhone, iPad, or iPod touch is lost or stolen - Apple Support