2nd Update: I got my replacement 12 mini from Verizon on Saturday. Battery life during the day while setting it up was good, so I was hopeful. Oh, but when night came it dropped about 60% the first night and 48% the second night. So I threw in the towel and set up one of the many 5w chargers I have around to charge it all night.
Battery life today has been great - exceeding my hopes for the small mini. Off the charger at 100% at 7:22 am, and as of 9:12 pm after 14 hours of moderate use it's at 40%. That's comparable to my XR.
The replacement having the same problem tells me it's gotta be a software problem and not hardware, as it's unlikely an iPhone mailed to me from Verizon HQ and the one I got from the local store came from the same batch.
The replacement does have a better screen. The first one had very aggressive Tru Tone settings that shifted it so far to the warm side it looked more like Night Shift. The replacement has more neutral tones more consistent with the LCD Apple screens.