It is a daunting task. I've been at it for years.
I have a EPSON flatbed scanner and use Apple's Image Capture to scan them in.
Smaller photos (3 x 5 or smaller) I scan at 600 DPI, larger (5 x 7 or larger) maybe 450 DPI or so. I'm trying to capture enough detail that I could reprint them, perhaps even larger than the original, and not have reached the pixel level.
I pull the scans into Apple's Photos and immediately tag them all with "Family Photos" keyword or similar to make finding them easier later.
Then it's adding keywords for who is in the photo (if I know). If anything was written on the front or back I type those in the Description. If I know the date I change the date of the photo. If I don't know the date at all I also keyword the photo "Wrong Date".
If I know the year I set the date to "1/1/YEAR". If I know the month and year (some Polaroids would print this on the border of the photo) I set the date to "MONTH/1/YEAR".
Sometimes the photo was labeled as someone's birthday or on Christmas so I can get the day as well.
Finally, I also edit the photos — adjust levels, remove scratches, etc. Again in Photos. I tend to only spend significant time on the important photos, or ones I like.
But as you said, daunting. Nonetheless, I can export the photos and send them around to family, post to Ancestry.com, etc. And all the metadata is retained on export.
I have retouched many photos such that I was able to print them and have a photo that was better than the surviving print (possibly even a touch better than the print when it was new).
It has been worth it for me. I have observed the changes in consumer camera quality, figured out who people are who were strangers to me before (I can recognize many now when I come across a photo I had not before seen).
A family photo I restored, my great grandmother is top-right (probably end of the 19th Century):
https://images.findagrave.com/photos/2020/137/22136538_9c3c4...
And her again, in a tintype from about 1880 (sadly someone seems to have folded it in half in the 144 years since):
https://images.findagrave.com/photos/2019/113/19923761_08885...