Really not much of a practical difference either way. The processes are different though: if you erase with the camera, you don't really erase the file, you erase the entry in the file system that tells the device where the data is located - when you shoot a new photo, because there is no entry in the file system to tell the camera not to overwrite the deleted file, it can be overwritten with a new image (depending on how many images you deleted...). Note: if an image is not overwritten, it can be recovered using a file recovery program - if you accidentally delete some files you want to recover, DON'T shoot any more images; if you're on a computer, STOP doing anything until you run a file recovery program.
On the other hand, a format (in the camera) wipes the card clean; if you use the computer, you have a choice of a quick format, which is similar to an erase in that it only deletes the file system, or a full format which wipes everything, so the card is basically fresh. But you can't recover anything either...
As for reformatting each time you put the card in the camera, it shouldn't be a problem - see the note at the end of this article:
https://improvephotography.com/749/memory-cards-sd-cf-replaced-old-reliability/ : "Every memory card does have a theoretical limitation to how many times it can be reformatted (less so on cheaper cards which use a lower quality of Flash Memory), but the number is huge. Unless you format your card 10 times a day, it should last a lifetime."
Finally, some manufacturers offer lifetime warranties, so if cards go bad, they'll replace them. However, keep in mind that 5 years ago, cards were only available in mbs (or maybe big kbs), vs multiple gbs today - you can even get a 512 gb SD card today ($300 on amazon); in 5 years, SD cards will probably be measured in tbs.
Really not much of a practical difference either w... (