Setting up new iPhone

Hi ASC,

I purchased a new iPhone 12 and would like to transfer "everything" but Photos from my previous iPhone 11 or from iCloud. I have a lot of photos and videos and they take up a lot of storage, so I don't want them in my new iPhone as they would probably fill up most of the iPhone storage (128 GB). However:

1) I don't want to lose/delete the photos and videos from iCloud;

2) I do want new photos and videos taken with the new iPhone 12 to be uploaded to iCloud.

Is this possible?

Thank you for your support. Stay safe.

PDS