"Restore Backup" not transferring my apps or settings to my new iPhone 12 Pro Max.

I backed up my iPhone XR on my iMac, then disconnected it and plugged in my new iPhone 12 Pro Max and chose "Restore Backup." It restores all of my info from iCloud, but not any apps or any of my settings and pictures. What am I doing wrong? I've always done it this way and had no trouble whatsoever. Did Apple change something? Help!