'setup as a new device', 'restore from backup'.... I need a third option

Got my new iPhone 12 a few weeks ago. I didn't physically plug it into my mac until now.

It gives me two options of course: setup as new or restore from a backup (that was 2019).

My fear is that by choosing either of these options that I will lose a heap of data.

I have iCloud enabled across all my devices from notes to photos to documents etc.

Do i setup as a new device and wipe all data stored on the iPhone now, then trust that it will sync to my iCloud and it will all be ok?

Thanks