@Singh, Irina, Thanks for posting in Q&A.
From your description, I know you want to configure iOS corporate device remote wipe.
In Intune, currently, we only have the policy to wipe the device after number of sign-in failures as you mentioned.
https://learn.microsoft.com/en-us/mem/intune/configuration/device-restrictions-ios#password
For the action you want, we can consider using device actions in Intune to remotely wipe iOS corporate device. And please ensure the user performing the remote wipe or remote retire action in Microsoft Intune needs at least the Wipe and Retire permissions that are available within the "Remote tasks" category
https://learn.microsoft.com/en-us/mem/intune/remote-actions/devices-wipe
If you want Intune to implement this feature you mentioned, you can submit your feedback to Intune.
https://feedbackportal.microsoft.com/feedback/forum/ef1d6d38-fd1b-ec11-b6e7-0022481f8472
Thanks for your time and understanding.
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