iPhone 12 Pro Max is the only iPhone worth upgrading for me.
5G - whatever
I don't care about 5G because the 5G network rollout is still years from maturity. Commuting with 5G sounds like so much more fun, but many people are working from home now.
Camera - amazing!
iPhone 12 Pro Max now has sensor-shifting optical image stabilization (wide lens) and regular OIS in the telephoto. Apple ProRaw sounds incredible. I can't wait to tinker with the photos later, knowing I've captured them in the best possible format. 2.5x Optical zoom - yes, please!
I'll be upgrading from my iPhone X to the iPhone 12 Pro Max as soon as it is available for preorder.