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I've recently upgraded my MOBO from a 300 series to a 600 series with a clean OS install i didn't need to enter the activation key, all i had to do was login with my Microsoft account. So doing a reset wont cause any problems
The windows activation key isn't ever stored in UEFI. For OEM systems they "tattoo" the board via DMI with a unique identifier (UUID) which is associated with the OEM key, but the key isn't stored in UEFI/BIOS nor is it stored on the board anywhere.
https://superuser.com/questions/1095980/is-the-windows-10-product-key-in-bios
It isn't, on Windows 10/11 hardware ID activation is used for the "digital entitlement". The license is stored on Microsofts activation servers and when you connect to the internet it will automatically re-activate the OEM key. If you do that wmic query on an OEM computer that shipped with Windows 10 it will return nothing.
Hmm looked into this some more and it seems that some OEMs still embed it in NVRAM, at least for 10.
Microsoft is migrating things to its cloud. That has its pros and cons obviously.
OEM Pre-Builds and Laptops are free to wipe the OS drive out without worrying about a key of any kind. That's been taken care of before you purchased the device. Your product key (i.e. Digital License) will be re-activated automatically once connected online (you don't need your product key written down for OEM systems) if you reinstall that same OS edition again at a later time. That includes doing full drive wipes and replacements.