Workflows are one of the main aspects of Jira customizations. They define the life cycle of an issue as it goes through different stages. A workflow has a variety of statuses, and various transitions between them. Sometimes, when a new workflow is created, there might be a requirement to create a new status. Now, before creating a new status, please go through the existing list of statues in your instance and check whether any of those existing statuses can be reused.
Reusing a status is only possible when their names are a bit generic and not overly project-specific. For example, Awaiting feedback and Feedback awaited are more or less the same, and there is no need to create a status such as Feedback 123.
Statuses are created globally and Jira workflows can use them, which is why you should not try to create too many statuses.