I did iCloud since I didn't want to wait to begin exploring the settings; went from iPhone 14 Pro 1TB to iPhone 15 Pro 1TB the over the air update took forever; the phone heated up drastically as it was downloading my apps and other items; the screen self-dimmed and the battery stopped charging until the phone "returns to normal temperatures" but 4 hours later, seamless migration; had to sign in to a ton of apps though including all my authenticators and whatnot but in general iCloud restoration is pretty solid; even made sure both phones were updated (I'm sure it does this with wired also; and it might even be faster, I am just lazy and eager).
The end result was everything moved over EXCEPT logins; your passwords will move over, so will your account settings, most your app settings; but you will need to individually login to each app (bank, adobe, microsoft, google, facebook, instagram, what's app, etc) and re-enable facetime by logging in else you may think your logged in to some apps but no; that's the only manual labor you need to do after (btw some apps did have logins migrate, like Hulu, but Netflix, HBOMax, Disney+, etc. those I had to manually login to once restoration was done).
Now the iPhone is identical to its predecessor.