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There is an option to "Erase All & Keep Cellular Plans" which will keep eSIM data.
 
Just dealt with this in February when I gave my mom my iPhone XS. I had installed a Spanish physical SIM card and an AT&T eSIM. I wiped the phone and the AT&T store provided a physical SIM for my mom’s line. I even changed the settings in Settings-Cellular to ensure the physical SIM was primary. While my mom could receive/initiate phone calls, her cellular data wasn’t working. The AT&T store rep was clueless. It took two AT&T IT reps (611 call) to solve what was happening. He had to remove the eSIM by getting the eSIM’s IMEI in Settings-General-About. IOW, her phone plan was correctly assigned to her new AT&T physical SIM/IMEI, but her data plan was still assigned to my old eSIM IMEI (when I was using the iPhone XS.
 
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