Can't restore iPhone iCloud backup to the new iPhone using Mac

I have my old iPhone backup in iCloud and trying to restore it to the new iPhone using my Mac.

I can see that backup in iCloud when I check it from iPhone. However, when I open iPhone on my Mac using Finder and choose 'Back up to iCloud', the 'Restore Backup...' button is greyed out, and when I press 'Manage Backups...' it shows an empty box.

Is it possible to restore another iPhone backup from iCloud using Mac to the new iPhone?