At the moment, it’s not clear what would set the two models apart, but display industry insider Ross Young’s latest tweet may have some answers.
Increasing the sensor unit pixel area is the right direction
— Ice universe (@UniverseIce) October 2, 2020
iPhone 12 rumored specs
It is also expected to feature a new module for the wide-angle lens called 7P. It will supposedly have a 1/1.9″ sensor, up from iPhone 11 Pro Max’s 1/3.6″ unit.
iPhone SE 2020 will not be upgraded anytime soon apparently