Your parents both seem addicted to drama. They are also being incredibly selfish. They may get something out of the fierce fights and then making up but it’s having a terrible effect on their children. They have no idea how lucky they are to have a sensitive, thoughtful daughter like yourself who is more concerned about the kids than they are.
At 16, there is a limit of what you can do to help your folks. You can certainly tell them how you feel. You can tell them what you told me about how much you love and respect them when they aren’t engaged in the fighting. You can plead with them to get some couples counseling before they do irreparable damage to their kids. You can tell them that it’s not fair to bring up kids to think that a fight-make-up-fight cycle is a normal, loving relationship. People generally do repeat what they saw growing up. You can ask them if that is really what they want for all of you.
If they are truly locked into this cycle they may not even understand what you are talking about. But a careful, calm presentation of the issues by their mature daughter may put a dent in it.
The only other thing I can think of is for you to talk to your guidance counselor at school about what is going on at home. Depending on their job description, some school counselors will call parents in to talk about a home environment and to suggest some family therapy. Sometimes adults will only listen to other adults. Since you are Indian, you may need to find a wise elder from your own culture to try to talk some sense into these people. If you have a grandmother whom your parents respect, that might be a good choice.
I’m sorry you lose your folks to fights. It’s very sad that at 16, you have more maturity and sense than they do. I hope you can find a way to get them the help they need to be their best selves. But if you can’t, please don’t blame yourself. Just do what you can to reassure your siblings and to remind all of you that the best predictor of what will happen next is what people have done in the past. That being the case, the parents you love will come out of their current fight and will go on as they have before.
I wish you well.