Can an Android device be remotely factory reset using any email ID on the device? We had created a common ID for the college group and I think someone remotely wiped my phone. Is it possible to do it with the secondary account?
Yes, with Google's find my device you can locate, lock, and ERASE, the phone. So anyone who has access to the accounts connected to your phone is able to erase all your data.
It's made for cases of lost phones where you want to stop the thief from accessing your data.
This feature is automatically enabled on most devices.

All the person would have to do in order to erase all your data, would be going to find my device page, put in the joint email address and password, and press erase and confirm. As simple as that.

It doesn't make a difference if this account is the primary one, or a secondary account.

In the future don't add any accounts to the phone, that others have access to.