
If you still have 12.5 running somewhere, what happens if you manually export that DRP, then take the DRP and put it on the system running 15.1 and import and update the DRP? Do the timelines then come up correctly?
I had a situation recently where a client I had back in April came back with some fixes in September, and luckily for all of us, I still had all the (converted) sessions in the Project Manager. Much to my shock, though, the Camera Raw settings did not get converted correctly and were at a default in the (converted) Resolve 15 project. I solved it by rebooting into 14, grabbing all the stills for every shot, exporting the DRP with stills, then manually bringing that back into Resolve 15.1... and this time, all the Camera Raw settings were intact and everything was exactly as it should be. (Frustratingly, some timelines had the Camera Raw settings and some did not on the old imported session. New imported session was flawless.)
I'm befuddled as to why it happened, but it does show that moving sessions across a radical version change can be dicey. And that goes for any software, going back decades. Sometimes you lose a little in translation.