A SIM is not a embodiment of an iPhone’s identity. Maybe it was in the 90s, but today it’s so much more. The SIM is more like your iPhone’s credentials for accessing one network. You can change SIMs, change your access token for one network, but you are making no bigger impact on your phone’s “identity” than if you were to change Wi-Fi networks.
List of Identity related things that change when you change your SIM
* Network Access Layer data associated with the cellular networks
* Phone Number
List of Identity relates things that do not change when changing your SIM * All data stored on the phone (messages, photos, apps)
* Two Factor Authentication apps like Duo, PingID, Authy
* ICloud Accounts
* Stored passwords
* Login tokens for various apps like email, social media, etc
* Browser Cookies
* Applet Wallet Data