@Richard.Taylor,
No worries - thank you for the replies. Yeah so this was initially on a fresh phone 17 Pro from Apple. I restored iCloud Backup (from a 15 Pro Max) and since my last phone had Download Originals turned on, my current phone restored with the same option - then proceeded to start downloading all the photos. What it did was download the optimized versions first (took about 30 mins?), THEN start downloading originals - and the first day - it got half way through my 64,000 photos and just came to a screeching halt only downloading about 100 per night despite being connected to WiFi and plugged into power.
Keep in mind - all the photos were on the device, just half of them were "optimized" - so when I'd open them, they'd be smaller then instantly download the larger full sized version. Also, new photos I took were being immediately synced so the user experience isn't harmed.
After 4 days of watching my phone download 100 originals a night, I finally turned off "Sync This Phone" in iCloud Photos and it removed all my photos (very slowly) - and once that was done, I turned it back on - and chose: Download Originals.
Same thing happened. It downloaded optimized versions first, then chugged through 67GB and then came to a screeching halt - only downloading ~100 photos per night for the next 4+ nights. It would sync new photos (full sized) no problems. So my belief is, this is either a bug, or Apple is doing this intentionally to save on Cloud costs. (This has never happened before - I've owned iPhones since the 4s).
So eventually I just gave up and chose: Optimize Photos. It wiped out the 67GB and now sits at 12.15GB on my iPhone - which is fine with me. I have access to Max Reception Verizon Wireless 5G UW and GBPS Wifi (fiber optic).
I would probably be unhappy if I was going somewhere without wifi / cellular and wanted an offline copy of my photos quick... but that isn't the case lol.
Hope this helps.
Normal behavior with previous iPhones: I restore iCloud backup for new phone, and in about 1.5 days it downloads my full 150+ GB iCloud Photo Library (counting photo by photo).