change phone name in Find my Phone, Apple ID

I just bought a new iPhone 12 as an upgrade for my AT&T account, that was my iPhone X. But now in various Apple Id apps, it still shows up as iPhone XS (and then in small under print iPhone 12 Pro Max). I've changed the name on the phone itself, but it still does not show up that way in Find my phone, etc.

I've already seen the suggestion to log out of icloud, but that comes with the penalty of completing emptying my apple wallet. Surely that can't be the price to just get the icloud to communicate the correct name of the phone to other devices in my apple family?