How do I reset iPhone 12 Pro Max as it is unavailable due to multiple wrong passcode?

Our kids iPhone 12 Pro Max is locked since the passcode has been entered too many times. We don’t know the passcode anymore. We have tried plugging it into our Mac and putting it in recovery mode to reset the phone but it still goes back to asking for a passcode. Is there anyway to get into the phone or is it a loss cause?

[Re-Titled by Moderator]

Original Title: unavailable iPhone 12 Pro max