you are entering into account recovery to reset your password for an Apple ID using two factor authentication.
Account recovery is an automated, two phase process once started. Phase 1 is the evaluation period, usually 24-72 hours, but can be longer or shorter. This phase says Apple is evaluating your info and you’ll get an update after the posted time is over (people mistakenly think it means they’ll be able to reset the password immediately after this first phase.)
Once phase 1 is done it enters phase 2 where https://iforgot.apple.com/ will give you the final amount of days (can be weeks) you’ll wait. On that final day you’ll get a text, follow that text immediately.
Keep in mind it is recommended to avoid delays, turn off other devices that are signed in with your Apple ID until account recovery is complete.
How to use account recovery when you can’t reset your Apple ID password - Apple Support