Panics on iPhones are almost always hardware related in my experience.
This particular panic is very solidly hardware in my opinion. I won't get into the ins and outs of how i2c works, but it's a communications protocol that carries data signals from the CPU to various other chips.
The panic specifically references AD5860 which is the driver for the haptic engine (vibration motor). It communicates to the board via the charge port assembly. It doesn't necessarily mean the taptic engine is faulty, although it might. I would check the charge port cable first. I have seen similar panics resolved with a new port installed. You can test to some extent with this cable disconnected, using the power button or wireless charging to test. But you might still run into reboot issues stemming from other components on that cable assembly that the phone requires check ins from.
I still think it's a good place to start.