Just spotted this and - sigh... The 12 series is supported!

Supported Devices for iOS 27

The iPhone 12 series will serve as the baseline for iOS 27 compatibility, making sure that these models and newer devices will receive the update. Supported devices include:

• iPhone 12 mini
• iPhone 12
• iPhone 12 Pro
• iPhone 12 Pro Max

Owners of these models or newer iPhones can expect to access the update and enjoy most of its features. However, it’s important to note that even among supported devices, some advanced functionalities may be limited by hardware capabilities.