The Sellers Research Group (that’s me) thinks the report is correct. Since the iPhone has become the default camera/video recorder for most of us, adding a 1TB storage option makes complete sense as photos and videos can eat up storage space quickly.
As for the addition of a LiDAR Scanner (which the iPhone 12 Pro models both already have), it also make sense from a photography standpoint. It would measure light distance and allow the smartphones to use pixel depth information for any scene. This means that Night mode portraits are possible with beautiful low-light bokeh.