This toggle allows you to opt out of having profiling used for future decisions that produce legal or similarly significant effects about you.

The what now?

This sounds strangely ominous.

Short answer, maybe, but go through your installed apps first & get rid of crap you don’t use. Even if you still decide to do a factory reset, no sense re-downloading garbage apps. Your phone is still modern enough it shouldn’t feel slow day-to-day so it’s probably one or more shitty apps causing the problem.