my iphone 12 is in security lockout

sounds like you had more issues than a forgotten iPhone passcode.. you use account recovery when you don't know your Apple ID password.. You forgot that too?

This is a user to user forum, we can't speak to the delay for recovering your account

How to use account recovery when you can’t reset your Apple ID password - Apple Support

Does it say 'try again in xx minutes?' If so and you know the passcode, just wait..

otherwise:

How to reset your iPhone, iPad, or iPod touch when you forgot your passcode - Apple Support