As reported by MacRumors, the iPhone 12 lineup debuts support for 5GHz WiFi-based Personal Hotspot tethering. Personal Hotspot was limited to 2.4 GHz on previous iPhone models.
Personal Hotspot over 5GHz WiFi is enabled by default on all iPhone 12 models. Users can toggle the feature on or off via the new “Maximize Compatibility” toggle in the “Settings” -> “Personal Hotspot” menu on these devices.
When turned on, all WiFi-capable devices can connect to the Personal Hotspot but will use the slower 2.4GHz signal. When turned off, only 5GHz WiFi-capable devices can connect but will benefit from improved performance.
While 5GHz WiFi is faster than 2.4GHz WiFi, but it has a shorter range, so Personal Hotspot speeds will vary greatly, depending on the distance a tethered device is from the source iPhone.