I recommend taking a backup of the old device to a computer and one to iCloud before doing the migration, no matter what method of migration you choose. At least one; that’s just a common sense precaution, plus it gets you partway toward a transfer.
I just migrated my IPhone 12 Pro Max to a 13 Pro Max using the direct transfer method. The two phones were sitting side by side on a counter, both plugged in to a power source. The transfer took a bit over three hours to move 281GB (over half of it photos). Some apps spun in later, even so.
The iCloud restore method would have taken a lot longer in total, but the new phone would have been usable much sooner. I haven’t tried a computer-based transfer recently to compare that speed. Maybe on my next iPad upgrade.