macease, since you're working with Photoshop, this is super easy once you know how. You can make the update from 72 to 300 dpi easily and non-destructively.
In the menus go into Image and then Image Size.
On a 48MP image from an iPhone, your pixel dimensions should be 8064 x 6048.
UNCHECK Resample. (I cannot emphasize that enough)
Then change 72 to 300. Hit OK and save.
You can note from these screenshots that your pixel dimensions remain the same, which means your image itself remains completely untouched (this is non-destructive as long as you've unchecked Resample), only the dpi has changed, which results in the width going from 112" to 26.88" and the Height going from 84" to 20.16"
now i see it and Puonti provided accurate descriptions of what the change from 72 to 300 dpi will do.
Pretty much the only time you'll want to have Resample checked is if you are targeting specific output dimensions and dpi. There are some caveats to that which I won't get into here.