Yes, with high phosphates it could deplete very quickly. I had an issue like this with my newest nano, but I didn't have the nitrates you have. I had 0 nitrates. I had to use
Brightwell Aquatics Phosphat-E to get it under control. It would exhaust GFO immediately. I believe for me it was likely silicates leaching from sand and rock. None of this, however, explains your nitrate levels.
I had no negative impact with the Brightwell product, but I have no tangs. I used it in a nano with just a firefish, goby, and corals.