My phone SIM is locked. However, Verizon says it is unlocked on their end and suggest I go to settings, General, transfer or reset iPhone, and erase all content and settings. This should allow the SIM to unlock. Then restore. Does this work?

Salutations Dmorris40, 

The following article has Apple’s steps on unlocking. How to unlock your iPhone for use with a different carrier

If you’re not using another SIM card after your carrier says the unlock is complete - 

If you don't have another SIM card to use

Use these steps to finish unlocking your iPhone:

1. Back up your iPhone.

2. After you make a backup, erase your iPhone.

3. Restore your iPhone from the backup you just made.

Additionally, in the Get help section of the article it states that if your device is running iOS 14 or later, to contact your carrier for any additional assistance. If they are recommending you create a backup and then restore those may be the next steps in their process. 

Thanks.