Doing a factory reset will ensure data is cryptographically destroyed, such that it cannot be recovered even by an adversary knowing or learning about your passphrase. It is safe to tell your passphrase once you have done a factory reset, the passphrase is of no use anymore.
The wipe is done by deleting the Weaver tokens from the Titan chip. The actual data encryption keys are derived from those, and without the Weaver token, it is no longer possible to derive the data encryption keys, even knowing your passphrase. The Weaver tokens should be 256-bit random values, meaning not even quantum computer should be able to brute-force recover them or the encryption keys derived from them, within any foreseeable future.
The actual flash storage holding the data is not wiped in any sense, just marked as unused. This means the garbage collector in the flash chip will eventually delete the data too, but without any guarantees as to when this happens. It is the deletion of the Weaver tokens that makes data erasure considered secure, as the data is effectively cryptographically destroyed (ie no longer readable as the encryption keys to read the data can no longer be recovered).
You have to ask Google if the Weaver tokens are deleted from the Titan chips in a way that adheres to the standards you need. We don't know. GrapheneOS just tells the Titan chip to securely erase them.
You also have to make your own judgement how to relate to "within any foreseeable future".
I don't think you have to worry about derived encryption keys having leaked. If an adversary has compromised your device to that level, they will have read all encrypted data from your device too already.
Factory reset does not necessarily delete all data. There may be some data left, such as what SIM-cards (physical and eSIM) has been inserted into the device, and what cell towers the device has been connected to, and other modem related or hardware related data. However, all app data and information about what apps you have had installed, all file data and information about what files you have had on the device, and all data about activities in apps, will be cryptographically destroyed. You have to make your own judgement if SIM-related data is sensitive too.