If the phone is showing "try again in XXXXX" on the iPhone Unavailable screen, I believe that you still have one or more chances to enter the correct passcode. The delays will increase, the more incorrect guesses that you make. I believe that if the delay hits 8 hours, that indicates that you can only make one more guess. (See escalating time delay section of Passcodes and passwords - Apple Support.)
If you have used up all the guesses, any data that exists only on the phone is lost – either immediately, or when you reset the phone to get back in. Hopefully you have been making backups and/or synchronizing data to iCloud.