All flights/airlines are more-or-less as reliable/unreliable as any other. Iberia is a major airline. Flights between Morocco and Europe are routine, frequent, everyday milk-runs, just like flights anywhere else.
As Jazz says above, there are other options besides Iberia (be aware that flight schedules, particularly on low-cost airlines, are date-dependent, and most do not go every day, so check schedules carefully).
You should be able to check on-time performance for this flight or any other. Just Google "iberia airlines flight XX performance" (where XX is the flight number). You will find oodles of statistics.