If you find that the icons on the iPhone 18 Pro Max appear about 10% smaller than on your iPhone 16 Pro Max, and the text also appears roughly 10% smaller, there is another possibility to consider before changing the overall Display & Text Size.
If increasing the text size on the iPhone 18 Pro Max makes everything too large—for example, email addresses that previously fitted on a single line now wrap onto two lines—then the issue may not actually be the text size.
It is possible that your iPhone 16 Pro Max was already using a Zoom setting greater than 1.2×, which made the icons and text appear larger without making individual text elements excessively large.
Check this on both iPhones
Keep the iPhone 16 Pro Max and iPhone 18 Pro Max side by side and check:
Settings → Accessibility → Zoom
Look at the Zoom level on the iPhone 16 Pro Max. If it is set to something higher than 1.2×, such as:
1.5× → 1.8× → 2.0× → 2.2× → 2.5× → 2.8×, etc., that could explain why the older iPhone appears to have larger icons and text.
You can then adjust the Zoom setting on the iPhone 18 Pro Max to the level that gives you the most comfortable and comparable appearance.
So, before increasing the normal text size, check the Zoom setting on your iPhone 16 Pro Max first. This is particularly important because Display & Text Size and Zoom affect the overall appearance differently.
The easiest way to determine the correct setting is to keep both phones next to each other and gradually adjust the Zoom level on the iPhone 18 Pro Max until the icons, text and overall screen layout look similar to your iPhone 16 Pro Max.