It's a horrible user hostile process which isn't even implemented for iOS.
iOS gets the smooth new device-to-device direct transfer of the backup while Android users need to copy the encrypted blob (~2GB for me) to the new device and enter the encryption key. Admittedly, it does still allow for more flexibility than on iOS.
The recent issue with the Apple Watch not syncing health data meant that to get anywhere I had to wipe my phone, I had no where to transfer my Signal data too, thus - all gone.
It's not ideal when dealing with members of your family who really don't want to lose data, and is probably one of the few things that stops me in my own situation going over.
I do understand that in some cases this is actually a feature too, so I am not discounting it - just in my case this specific reason makes it really hard to justify a move over.
Just annoying that there isn't really a viable alternative anywhere at the moment :(
If iOS had that same option of a encrypted blob option then that would have solved my issue with the phone restore!