Improve Readability of Nested Foreach Loops - Should I Create Separate Methods?

Question

I have a piece of code in my C# project that involves nested foreach loops. While it works as intended, I find it difficult to read and maintain due to its complexity. I'm wondering if it's a good idea to refactor the nested foreach loops into separate methods to improve code readability and maintainability.

Here's the code:

  foreach (Action action in actions)
        {
            foreach (User receiver in action.Receivers)
            {
                if (user != null)
                {
                    string softwareName = "";
                    string server = "";
                    string messageText =  "";
                    string messageSubject =  "";
                    string messageLinkText =  "";
                    messageText = string.Format(messageText, receiver.GetNameForEmail(), softwareName, "3", action.DueDate, action.Name, $"{server}", messageLinkText, action.GetNameForEmail());
                    if (messageText != "")
                    {
                        messageText = string.Format(messageText, user.Email);
                        Message message = _emailService.CreateMessage(new string[] { user.Email }, messageSubject, messageText);
                        await _emailService.SendEmailAsync(message);
                    }
                }
            }
        }

1- Is it considered a best practice to break down nested foreach loops into separate methods to improve code readability?

2- What are the benefits of refactoring nested loops into separate methods?

3- Are there any performance or overhead concerns when creating additional methods for such loops?

you can provide some general references and resources that support the idea of refactoring nested loops into separate methods or not :)