Each 'cell' on an SSD can only be written to so many times before it fails and gets retired.
Yes, regular formatting will shorten the life, but probably not so you'd notice.
Tests on SSDs have seen reallocation start after 100TB writes.
But for comparison, my current boot drive (Kingston 128GB) has 12,500 hours running time on it. 24/7 for 17 months. It has had 2.98TB written to it total.
Based on that, I should see no problems for decades.
You'd have to reformat a dozen times a day, every day, to see any real shortening of lifespan.