I just bought the 12 yesterday and restored my info from the cloud but a lot of apps are still in the waiting mode. How long does this take? It’s been almost 24 hours now.

Depends on the internet speed.

Stay connected to the internet and continue using the iPhone. Depending on the internet speed all apps will get downloaded from the App Store automatically. Apps don't transfer from iPhone to iPhone, only the app data along with app links to the App Store gets transferred.

Make sure you are connected to Wi-Fi and the phone is plugged in until all of the apps are reinstalled. If it isn’t plugged in then Wi-Fi turns off when the phone locks. Also make sure the phone is not in low power mode.

Alternatively, turn on cellular data for the app store and updates. But don’t do this unless you have an unlimited plan.