What is the difference between the phrases "lose touch with reality" and "out of touch with reality"?
The difference is in the verbs. 'to lose' versus 'to be out of'.
touch
the state or fact of being in contact or communication or of having awareness <let's keep in touch>Merriam Webster
We could say (or presume) that the usual state of most people is to be in touch with reality. That is to say that they have a rational understanding of the world around them.
"to lose touch with reality" means to lose that connection with reality.
"to be out of touch with reality" means that you do not have that connection with reality.
The first is a progression from one state to another. The second is one of those states.
The same difference as between, "to lose X" and "to be out of X" whatever X happens to be.