You give your iPhone a name when you set it up, however that name is usually so basic (hello "Akash’s iPhone"), you may wish to change your iPhone name later. You do not need to set up your iPhone everywhere once more to change its name, however setting is a bit hidden.
When you connect your iPhone to your pc, you may have noticed that it has a name. After you use find My Phone, the name of your iPhone is also however you identify it from other similar devices. If you share devices among a family, it’s additionally useful to give it a name.
The name is used to identify the device after you set up a personal Hotspot, plug it into a computer for synching, or for airdrop. But you don’t have to continue the default name, you can change it.
The name of your iPhone has now been changed, so you should see the change reflected wherever your device’s name is used.