Loading Backup on New IPad

No, not at all - if transferring your data is the aim.

While the iCloud/iTunes backup includes both your device settings and data, restoring an iPhone backup to an iPad will only fully restore your data and files; as device capabilities and hardware differ, the iPhone settings will not be restored to the iPad.

These support pages should get you started with setup of your new iPad - and the methods of transferring your data between devices:

Set up your iPhone, iPad or iPod touch – Apple Support

Transfer data from your previous iOS device to your new iPhone, iPad, or iPod touch - Apple Support

Use Quick Start to transfer data to a new iPhone, iPad or iPod touch – Apple Support

If the donor iPad/iPhone, from which you are transferring your data precedes iOS12.4, QuickStart will not be available.

“Transfer” is rather a misnomer. In reality, your data and setup is merely cloned to the new device. Nothing is moved or removed from the original device.

An alternative is to restore either an iCloud or iTunes backup to the new device:

How to back up your iPhone, iPad and iPod touch – Apple Support

Restore your iPhone, iPad, or iPod touch from a backup - Apple Support

Cape_Sky Said:

"Loading Backup on New IPad: Is there a downside of downloading your iPhone back up onto a new iPad?"

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Looking to Transfer Data?

If so, go here: Transfer Data from your Previous iOS or iPadOS device to your new iPhone, iPad, or iPod touch - Apple Support

Cape_Sky Said:

"Loading Backup on New IPad: Is there a downside of downloading your iPhone back up onto a new iPad?"

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This is Not an Option:

You cannot download and iPhone backup to an iPad. And ever if you could, the Operating Systems are so difference that it would corrupt the system.