The critical importance here is if you plan on keeping your phone for a long time, a degraded internal battery is fundamentally the limit under the current scheme.
Or to put it another way, imagine you had a battery that only lasted a single minute, and a magsafe battery that lasts a full day. How long is your phone going to last? What will happen is that both your internal battery and magsafe will be drained, with the magsafe being drained the most. Eventually your internal battery will die, and so will your phone.
The other issue with using the internal battery (pass through, or charge) is that you're wearing it down more.
Maybe the behavior is different in an iPhone 14?