Your MacBook Pro and MacBook Air both run macOS 27.0.1, but only one recognizes the Personal Hotspot on your iPhone 12 mini running iOS 26.
This establishes that the two Macs behave differently, but does not identify the cause.
The most useful first step is to determine whether the affected Mac cannot find the hotspot or can find it but cannot connect.
On your iPhone, open Settings >> Personal Hotspot, enable Allow Others to Join, and confirm that Cellular Data is on.
Keep the iPhone within 10 metres (30 feet) of the affected Mac.
On the Mac, make sure Wi-Fi and Bluetooth are enabled, then open the Wi-Fi menu and check Other Networks.
The hotspot’s network name is the same as the iPhone’s device name. Keep the iPhone’s Personal Hotspot screen open while testing.
If the iPhone’s name is missing, check whether the Mac can see other nearby Wi-Fi networks.
If it cannot, investigate the Mac’s Wi-Fi connection. If it can, turn Wi-Fi off and back on, then restart both devices if necessary.
Because the iPhone 12 mini supports Maximize Compatibility, you can also try enabling it under Personal Hotspot settings. This switches the hotspot to 2.4 GHz Wi-Fi and WPA2 security, which may help with compatibility.
If the iPhone appears but the Mac cannot connect, select it and enter the hotspot password if prompted.
For Instant Hotspot without entering a password, Apple requires Wi-Fi and Bluetooth to be enabled on both devices, that they be within range, and that they meet the minimum system requirements.
The devices should be signed in to the same Apple Account, or use the supported Family Sharing arrangement.
A Mac can also connect through ordinary Wi-Fi using the hotspot password, so using different Apple Accounts does not by itself prevent a connection.
If Wi-Fi connection still fails, try connecting the iPhone to the Mac with a USB cable. If the problem persists, compare the two Macs’ Wi-Fi settings and check for available software updates.
Since both Macs report the same macOS version, a version difference is not the explanation, although other configuration or hardware differences remain possible.
Apple’s guidance: Share your iPhone’s internet connection, Use Instant Hotspot, and If Personal Hotspot is not working.
The key question is, Does the iPhone’s name fail to appear in the affected Mac’s Wi-Fi menu, or does it appear but fail to connect?
That distinction will determine the most relevant next step.