Can Find My iPhone work if someone clears all data?

My friend recently lost her iPhone 7. It's been 2 days and we've looked everywhere, so I think someone must have already took it. Her iPhone has a 6-digit passcode and Touch ID. I was wondering, if someone found it and deleted all the data, could the Find My iPhone app still track it? Or is it not possible?

No you Can Find iPhone

No, it wouldn't be possible anymore since the log in data for that would be gone, but they wouldn't be able to activate the phone since it would still require that Apple ID & password.

Though in most cases, assuming they don't know, you have to disable Find My iPhone before being able to restore an iPhone, so it may not be able to be reset in the first place.