Need advice on the best way to migrate to a new Mac Studio

I finally pulled the trigger and am replacing my 2012 iMac (which is running fine but slow). I'm looking for advice on the best way to migrate to the new machine. I'm familiar with doing a clean install and using the migration assistant. My two concerns:
1. I have 12 years worth of applications on the iMac, many of which I haven't used in years.
2. I have lots of FCP plugins and would hate to have to track down all the sources and reinstall.
Suggestions?

Do a clean install and migrate just the users. Rebuild the applications you need to add from current versions.

As for plugins, I don't know what version OS and FCP you're currently using, but I'm pretty sure most of your plugins will no longer work without being updated to current versions.

Older Intel Macs also tend to have kernel extensions installed, which will not run on Apple Silicon. It's best to just "bite the bullet" and do a careful reinstallation, app by app. Today, many app and plugin developers have migrated their stuff to Apple Silicon. Existing Mac Intel apps (not plugins) will normally run OK under Rosetta. However, it's a good opportunity to take stock of things and bring over only what you need.

Moved to M1 Mini from 2014 Intel Mini - migration just wouldn't work. I did a clean install of Ventura, got that going, partitioned HD with identical volume titles as older Mac. Then painstakingly did a fresh install of most apps. Some couldn't. Oh well. Hot tip - keep your older Mac handy and ready to boot (with or without network connection) so you can see exactly what was installed.

Don't sell the old one off for a few hundred bucks. Keep it around. G3, G4, Mini, Macbook, PowerMac G5, MacPros of various vintages all ready to power on here just in case there's a need for that app or plugin that won't work with later hardware and software.

Earlier today I get a request from a Forum reader to update their yesterdays FCP 7 project so it can be used with todays goods. It'll take one of the archaic puffer-bellys to do it.