iPhone X: Deleting old backup Does deleting an old backup just delete the backup? So that I have more room in my iCloud to do another backup?

Just want to make sure if it doesn't wipe out everything on my iPhone.
Yes, deleting an iPhone backup just delete the backup and doesn't delete any data/content or configuration settings from your iPhone.

Yes, deleting a backup from iCloud indeed frees up space that can be used for other purposes.