Do I still need to pay for this since I just bought a new phone, I got a iPhone 12 pro

The phone has nothing to do with iCloud Storage. If you needed to pay for more than the free 5GB of iCLoud storage before you got the new phone, then you still need to pay for iCloud storage after buying the new phone.

Go to Settings > Your Name, iCloud, Media & Purchases > Tap iCloud and at the top you'll see how much memory you are using out of 50GB (the amount you are paying for). If you are over 5GB used, yes, you need to keep paying.

if you mean if you still have to pay rent of icloud storage then yes, unless you cancel the subscription