I have plenty of storage and all settings are correct but my phone is not backing up

Are you trying to create a backup in iCloud?

If yes, did you make sure, that during this process the iPhone is being charged?

Otherwise Wi-Fi will be disabled, if the iPhone enters standby.

This article has more troubleshooting tips:

If you can't back up to iCloud - Apple Support

Can you use the Files app to copy data to and from iCloud, using your iPhone?

This would be a way to see, if you can access iCloud at all.

Use the Files app on your iPhone, iPad, or iPod touch - Apple Support

This would be a way to make sure, that the data on the phone can be backed up at all.

But, if you never connected to your computer to sync in the past, you might get the message, that your device has to be erased first. In that case, you can't back up to your computer.

Backups on the computer and iCloud can be kept separately and do not interfere with each other.

Did you try to use another Wi-Fi network?

Can you start the backup start manually , or does it stop at a certain point or time?

Can you backup to your computer?