I don't really know anything about privacy and security in this context, but I remember playing around with encrypted disks and reading that encryption isn't really useful if your adversary knows that something exists albeit encrypted.
I think this is similar: having a freshly wiped phone is going to attract attention. I'm not saying it's the wrong move in all cases, but it's probably the wrong move in the kinds of situations most people are going to encounter.
I think the latest advice for attending protests and similar is to take a cheap burner.