Best & Fastest way to migrate 2016 MPP15in to 2020 MBP16in

So I have a new MBP16in arrive and I "was" thinking of just using restore from my time machine backup, but what's the fastest way to do this? I recall back in the day I am sure I have used some target mode? with a cable. What's the latest way of doing this.

I definitely don't want to be losing any keychain passwords, or disrupting anything in the plist settings as I don't want to be reconfiguring any settings from a password. I'd like a seamless mirror copy of it really.

Is this possible?

Thanks