I was asked if I wanted to move my watch to the new phone whilst using the transfer tool.If you do the iPhone to iPhone transfer thing (when you bring both phones close together), it transfers everything over, right down to positions of apps on home screens and shortcuts you may have created. This is probably THE quickest way (takes about 15 minutes) to transfer everything.
As a side note - if you have an Apple Watch, you’ll first have to unpaid it from your old phone and then repair it to the new phone as the transfer doesn’t transfer Apple Watch stuff over (you can’t pair your watch to more than one iPhone at the same time).
Worked perfectly for me, no unpairing and repairing needed.