My question is more if there is any merit to reforming/trying to use this account again?
If you make a point to reform and not misbehave or break the rules, then, yeah, there's plenty of point to continuing to play the account following the 14-day ban.
Especially considering that punishment tiers only de-escalate over games played and not time; leaving the account be and then coming back to it however long down the line, it's still going to be on thin ice, and the first slip-up will just result in a permanent ban.
I am however aware that after a 2 week ban if I so much as type "f*ck" 5 years from now I will get permabanned like that.
That's a bit of a stretch. Swearing is fine; Riot doesn't care if you say "shit", "damn", or "fuck" - it's when you level those swears at other players that it becomes a problem.
For example; I could say "Son of a bitch that was close", and reports against me wouldn't be valid. But, if I say "you're trash at Vayne you son of a bitch", I'd get a strike against me.
should I just cut my losses and make a new account from here? Or just accept that my account is gonna be banned and delete LoL from my pc?
Neither are particularly necessary as long as you make the effort to reform. If you need advice on how to keep your cool or handle stress, you're free to ask - we'd be glad to help.
From what I've read the "reform system" is a carrot on a stick as opposed to anything substantive which is why I feel there is no value in carrying on playing.
There are some issues in regards to incentivizing reform, yeah, but being perfectly honest, creating a system to incentivize what ultimately amounts to a voluntary change in thinking/behavior typically won't end well, even if it comes close to the mark.
So, you kind of have to ask yourself here; are you willing to put forth the effort to change and reform, given that the alternative is losing your account? 'Cause, at the end of the day, it's like my grandma always told me; "The only person who can change you is you". You have to decide for yourself if it's worth the time to fix the problems that got you to this point.
If you have any questions, want to ask advice, or just want to give your personal verdict on the matter, don't hesitate.