Hacked: should i factory reset or is there better options?

The first thing you should do if you feel you are in an unsafe situation is contact the local authorities and for cyber crimes contact the federal authorities.

If you suspect that your device has been compromised

Read these Knowledge based articles first;

macOS - Protecting against malware in macOS - Apple Support

iOS - Security of runtime process in iOS and iPadOS - Apple Support

All devices - Data Protection in Apple devices

Important steps to follow (iOS, macOS)

1. If you think your device in actively being attacked - About Lockdown Mode
2. (both) Change your passwords (Apple ID/Email/any account you feel might be compromised) immediately. - Change your Apple ID password - Apple Support See #3 in the "Avoiding future issues" below for more about passwords
3. (iOS) Restore to factory settings - Restore device
4. (iOS) If you do not want to restore to factory settings, search the device and delete any app you do not recognize (Settings>general>iPhone storage>click on unknown app>click "delete app.") If it will not let you delete the app go here - How to delete apps
5. (macOS) Restore to factory settings - Restore device
6. (both) Apple ID assistance - If you think your Apple ID has been compromised - Apple Support
7. (both) Apple ID account recovery - How to use account recovery when you can’t reset your Apple ID password - Apple Support
8. (both) Contact Apple ID support - Apple ID - Official Apple Support

Apple Pay and Apple Cash

Apple Pay cannot be hacked since it is merely a contactless payment option for your current debit or credit cards. If you think your card has been compromised contact the card issuer and lock the card immediately. More information about Apple Pay/Apple Cash/Apple Card can be found here - Problems and their solutions for Apple Pa… - Apple Community

Avoiding future issues

1. Recognize and avoid phishing messages, phony support calls, and other scams - Apple Support
2. Personal Safety User Guide - Apple Support
3. Safety tips for handling email attachments and content downloaded from the Internet - Apple Support
4. Create a tough password to guess - Use a password that is a combination of letters, numbers, and special characters such as !@#$%^& that is not easily guessable. The longer the password the better. Write down your password in a journal that you can find later. When iCloud keychain is set up write down the iCloud Keychain verification code as it always helps in the future if it's corrupted or if a new admin account is created in users and groups. Here is a link to check to see if your password is guessable (https://www.security.org/how-secure-is-my-password/) Tips for creating secure passwords on Mac - Apple Support
5. Do not jailbreak your device.
6. Only download Apple software from the Apple websites. Older versions of iOS and beta on non-Apple websites are not secure and should be avoided at all cost as they are a jailbreak in disguise and nefarious at the least.
7. Always use the latest iOS version available for your device.
8. Make sure your home WiFi is secure as well - Recommended settings for Wi-Fi routers and access points – Apple Support

Additional support

Get Support

Product Feedback - Apple you can let Apple know your concerns.

Privacy Policy

Legal

Apple Platform Security - Apple Support

Apple Pay & Privacy - Apple Support

Apple Cash and Apple Payments Inc. & Privacy - Apple Support