You need to keep Photos open while it is downloading pictures from iCloud. Once that ha finished you need to shut down Photos but keep your iMac running for the software to sync faces. Both of these processes take time. I had 90,000 photos and it took around 3 days to download all the photos. It's been over 5 days now and I still have 5,000 photos to go for the facial sync.
You should be able to see progress being made from the counters for both processes. My iCloud stopped uploading at around 3,200 photos to go. If your progress bar is not moving when "uploading" your photos from iCloud, then I suggest reading the following TWO articles from Apple ToolBox. The first article talks about issues with iCloud and Photos, and ways to fix them on an iPhone. (Although it outlines the steps for an iPhone, you can take similar steps on an iMac - just google the steps for an iMac). The second article is the steps I used to solve the stuck progress bar (it was stuck on 95% complete and 3,200 photos left to upload on my iMac). Briefly, the procedure was to quit Photos, sign out of iCloud, sign back in to iCloud and then restart Photos. This process gives you a "thorough reboot" of the iCloud software. NOTE: If you quit iCloud and restart it, you will be asked for your Apple login ID and password. Some folks have had problems logging back in to iCloud (password not recognized error). I had to log in 3 times before I was "recognized." Once I reopened Photos my photographs finished uploading to my iMac.
Article 1 (iCloud Backup Won’t Complete and other Backup Related Issues, Troubleshooting Guide) - https://appletoolbox.com/troubleshooting-guide-if-icloud-backup-wont-complete/
Article 2 (How to sign in and sign out of iCloud on macOS Catalina) - https://appletoolbox.com/how-to-sign-in-and-sign-out-of-icloud-on-macos-catalina/
I hope this helps.