This solution, posted on MacRumors by LaneyLad on March 8, 2021 [bold added by me] worked. I have about 14,000 new photos to import from my iPhone 12 to my iMac Intel on Big Sur, because the problem started with Mojave and I had given up importing to iMac 18 months ago. A few days ago I decided so solve the problem once and for all and I left my iPhone connected, and my iMac on no sleeping, for 14 hours with no success. Today I applied the following solution, connected my iPhone, launched Photos, and got the "Preparing ... " message, but after about 30 seconds thumbnails began appearing.
"It's always the way but after I write and complain about it ... I manage to find the solution. On the iPhone, go to Settings -> Photos, at the bottom of the options there is a section called "Transfer to Mac or PC", it defaults to Automatic, I changed it
to Keep Originals and then only had to wait for about 5 mins on the preparing to import screen before all the 27,000 photos appeared. I believe that the checking of all the photos for compatibility was slowing [or completely preventing] the process so much it just seemed unresponsive. I think Apple should really change this default or disable automatic once you are above a certain number of photos!"