https://arstechnica.com/information-technology/2020/10/verizon-nationwide-5g-ready-for-iphone-12-dont-expect-a-big-speed-boost/

Verizon today announced "nationwide" 5G coverage along with support for the new 5G-enabled iPhones. But for most consumers, Verizon's 5G upgrade won't make much of a difference.

The newly enabled 5G runs on the same spectrum bands used by Verizon for 4G, so it won't be nearly as fast as Verizon's millimeter-wave version of 5G. Verizon CEO Hans Vestberg said in May that 5G users on the non-millimeter-wave bands will see only a "small" upgrade at first.