Is 128 GB or 256 GB enough on iPhone?
Work out the right iPhone storage from the phone you already have. How to read your current use, what grows fastest, and when 128 GB, 256 GB or more makes sense.
Storage
Keep every photo and still get space back. Let iCloud hold the originals, shrink videos with HEVC, drop unused Live Photo motion and clear what is not a photo.

Short answer: You can keep every photo and still free a lot of space. Let iCloud hold the full-size originals with Optimize iPhone Storage, make videos smaller by re-encoding them with HEVC, remove the motion from Live Photos you never play, and clear the things on your phone that are not photos at all.
If you have enough iCloud space for your library, this frees the most without losing anything. Open Settings › [your name] › iCloud › Photos and choose Optimize iPhone Storage (on iOS 27, it is under iPhone Storage on that screen). The phone keeps smaller versions and downloads the original when you open one. It only replaces originals when space is actually needed, so the result shows up over time, not at once. If you pay for iCloud and the phone is still full, this switch is usually why: iPhone storage full even though you pay for iCloud.
Videos are usually the heaviest part of a library, and many are bigger than they need to be. When you record, your iPhone has to encode in real time, so it uses a generous bitrate. Re-encoding the same frames with HEVC afterwards, without the time pressure, often gives a much smaller file at the same resolution and frame rate.
Photos cannot do this for you. For new recordings, check that Settings › Camera › Formats is set to High Efficiency; Most Compatible records larger H.264 files.
A Live Photo stores a video of about three seconds next to the still frame, and that clip is often around half of the total size. If you never press and hold to play it, that is space you are paying for. In Photos you can turn a single Live Photo off while editing, but that only hides the motion; the clip stays in the file. To stop new ones, turn Live off in the Camera and keep Settings › Camera › Preserve Settings › Live Photo on so your choice sticks.
DustFox has three methods that free space without losing a single photo or video. Shrink Videos re-encodes videos with HEVC on the phone, keeps the resolution and frame rate, and skips videos that are already efficient. Compressible Photos converts JPEG photos to HEIC, the same frame in less space. Live Photos keeps the still, copied byte for byte, and drops the motion. Each one adds the new version to your library and moves the original to Recently Deleted for 30 days, and each shows how much it will free before you confirm. Nothing is uploaded, and no account is needed.
A careful HEVC re-encode keeps the resolution and frame rate, and at a sensible bitrate the difference is not visible on a phone. It is still a new encoding of the video, so keep the original if you edit professionally.
Not after the original is replaced. The still photo stays, but the short clip is gone, so only do it for Live Photos you never play.
No. It keeps the full-size originals in iCloud and smaller versions on the phone. You need enough iCloud space for your whole library.
It is the safest way to keep a full-quality archive. Copy the originals, check that they open, and only then remove them from the phone.
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Work out the right iPhone storage from the phone you already have. How to read your current use, what grows fastest, and when 128 GB, 256 GB or more makes sense.

iCloud storage and iPhone storage are two different things. Buying more iCloud does not add space to the phone. Here is what does, and what iCloud actually changes.

A Live Photo is a still plus a three-second video, often about half of its size. How to turn Live Photos off for good, and what to do with the ones you already have.