Temporary iCloud Backup

If you're asking about Temporary iCloud Storage, that's only available when you buy a new phone. If you haven't just purchased a new phone and don't have enough space in iCloud to back up your phone, you'd need to increase your iCloud storage plan. Or back up the phone using your computer.

Intellicomp wrote:

So, if I would create a Temporary iCloud Backup which works for a new phone, if I reset my current phone, will it be considered 'new' so I can restore it from this Temporary iCloud Backup?

No, resetting a phone doesn't make it "new". Unless you just purchased a new phone, you're not eligible for Temporary iCloud Backup. You will need to move to a larger iCloud storage plan. Or, back up the phone to your computer.

Intellicomp wrote:

The data is in the cloud already.

Can my phone be considered a 'new' phone after I completely wiped it?

If you already have sufficient iCloud space, I'm not at all clear what the issue is. Back up your phone, then restore it from the backup. You don't need Temporary iCloud Storage.

Restore your iPhone, iPad, or iPod touch from a backup - Apple Support