I factory re set my phone every installation of the updated OS release, I don't select delete eSIM and both my eSIMs have remained after at least 10-15 resets and work normally. Having said that, a factory re set versus a complete OS deletion and install of another OS is something quite different I would assume.
I lifted this from the web installer pages
**"Flashing factory images
The initial install will be performed by flashing the factory images. This will replace the existing OS installation and wipe all the existing data".**
Again, I assume the eSIM will be deleted and a new QR code required.