Hi @Shane King . Thank you for reaching out to us.
As I understand that one of the user have lost their phone and want to know more on managing device/accessing M365 resources.
Adding to the above information provided by @Yuki Sun-MSFT
Right that the MFA verification will go to user's previous device, which no longer have access to. However, there are some ways to access M365 account on a new phone without user's old device, such as:
Use a Temporary Access Pass create temporary Access Pass for that user ask them to login with Temporary Access Pass. A Temporary Access Pass is a time-limited passcode that user can use to sign in to your M365 account without old device. Once user logged in to portal. He himself can register for a new device and can delete the old device as well.
Also, if user has backup of authenticate app settings refer to this link on how to restore it - https://support.microsoft.com/en-gb/account-billing/back-up-and-recover-account-credentials-in-the-authenticator-app-bb939936-7a8d-4e88-bc43-49bc1a700a40
let me know if you have any further questions, feel free to post back.
Thank you,
Navya.