My iPhone SE 64GB has no storage left but 58% of the used storage is IOS & System Data - will factory reset and reinstall fix this?

I have deleted all unnecessary apps, large files and cleared the cache and safari history but 37GB out f 64GB is still being used by IOS and System Data. Will a factory reset and then reinstalling my phone from a back up clear this all out? I don't want to do this if it will simply reinstall all the background data that's currently clogging up my storage and I can't afford a new phone. I've had this one since January 2023.