I sure wish everyone would understand this.
Years ago - decades ago - it was advisable to to "format and install". In fact, it was common practice among many to routinely reformat and reinstall just because it had been X number of months since they last did it.
But contrary to what many seem to believe, and worse, want everyone else to believe, Microsoft has not be sitting on their thumbs for the last 20 years doing nothing, learning nothing, or improving how upgrades work.
Windows 10/11 are not XP. Users need to stop treating them like they are.
And what about the dozens and dozens of videos that show how to do it without problems?
Sure, you can format first if you want. As long as your W11 is a license for a "new" install (and not an upgrade), there should be no problem. You will, of course, lose all your saved documents, network configurations, printers installations, hardware drivers and configurations, personalizations, favorites, contacts, calendar entries, installed programs (including passwords) and more. But that's okay because you've made a full backup anyway, right?
And sure, it is possible something "may" occur. But the odds of everything going just fine are very much in your favor.