I tend to browse the internet on my phone more than play games, so the important test for me is the Tom's Guide browsing test.
www.tomsguide.com
Under the same conditions (4G), the iPhone 12 Pro lasts an hour longer than the 11 Pro. That's a win. That's excellent, in fact, and extremely desirable.
Switching to 5G yields different, predictable results. A 5G modem utilizing a 5G signal will, of course, use more battery than a 4G signal. The expectation was that these new 5G phones would be able to match previously optimized LTE modems was an unreasonable expectation.
I'm keeping 5G disabled 99% of the time to preserve battery life. I have no need for 5G. Based on some anecdotal tests using 4G, my 12 Pro will have better battery life than the already impressive iPhone 11 Pro. This, again, is a win and am hopeful that the 12 Pro is a 4G battery champ.

iPhone 12 battery life results: All four models compared
See the iPhone 12 mini, iPhone 12, iPhone 12 Pro and Pro Max battery life results
Under the same conditions (4G), the iPhone 12 Pro lasts an hour longer than the 11 Pro. That's a win. That's excellent, in fact, and extremely desirable.
Switching to 5G yields different, predictable results. A 5G modem utilizing a 5G signal will, of course, use more battery than a 4G signal. The expectation was that these new 5G phones would be able to match previously optimized LTE modems was an unreasonable expectation.
I'm keeping 5G disabled 99% of the time to preserve battery life. I have no need for 5G. Based on some anecdotal tests using 4G, my 12 Pro will have better battery life than the already impressive iPhone 11 Pro. This, again, is a win and am hopeful that the 12 Pro is a 4G battery champ.