If you can't use Erase All Content and Settings
System Preferences includes Erase All Content and Settings only when using macOS Monterey on a Mac with Apple silicon or a Mac with the Apple T2 Security Chip. If this feature isn't available or doesn't work on your Mac, follow these steps instead:
To restore factory settings, learn what to do before you sell, give away, or trade in your Mac.
To erase, follow the steps to erase a Mac with Apple silicon or the steps to erase an Intel-based Mac using Disk Utility.