The short of it is that your Persist holds the key files needed to create your IMEI, and it is used to construct your EFS. EFS effectively works as a cache. If you wipe EFS, then as long as you have an intact Persist, your EFS will be reconstructed, and you will keep your IMEI.
Credits to this thread for working out the relationship between Persist and IMEI (it is talking about the investigation into how to restore IMEI when it is 0 after flashing Oreo custom roms):
https://forum.xda-developers.com/g5-plus/how-to/dev-fixing-baseband-t3806064
Even though it is for potter (G5 Plus), it still applies to Sanders.