'set up as new iPhone'
If I choose 'set up as new iPhone' and it asked me for my iCloud account, will the photos and other data from my iCloud account will be erased?
iPhone 7 Plus, iOS 14
In old iCloud account if photos were turned on and synced with iCloud Set up and use iCloud Photos - Apple Support
And all applications were turned on Turn iCloud features on or off - Apple Support
When new iPhone is set up Set up your iPhone, iPad, or iPod touch - Apple Support and same Apple ID and password of old account is signed in the data will start syncing and not erased .