Unable to complete the data transfer (Iphone 12 pro max to iphone xs max)

I am facing lot of issues with transferring my data from iPhone 12 pro max to iPhone xs max. I have listed the main issue below, recommendations and solutions for this would be really appreciated.

1. I have a iCloud backup saved on laptop iTunes and iCloud as well the error which i get when I try to transfer, My iPhone 12 pro max is updated version of iOS 14.2.1 and my iPhone xs max is 14.2 it doesn't allow me to transfer the data and I always get an error.

What could be the solution for this?? Since, I cannot upgrade the iPhone XS max to iOS 14.2.1 until then doesn't allow me to perform the data transfer between both the phones.