Using Migration Assistant with optimize storage on

I’m preparing to migrate my MacBook Pro to the new one on the way and plan on using Migration Assistant for the ease of transferring all of my apps and preferences (I want to get up and running as quickly as possible). Since this is my secondary system, I don’t store all of my iCloud files or photo library on here locally, but use optimize storage for both. If Migration Assistant duplicates and moves over everything to the new system, how are the optimized libraries managed? I’ve only migrated Macs with optimize storage off in the past. Perhaps I’m overthinking this and it’s not a big deal, but I’m curious what others’ experiences have been.

Perhaps I should deselect ‘Photos’ and ‘Documents’ under my user account when setting up Migration Assistant, so the existing optimized libraries/directories aren’t moved over and are then re-created on the new Mac. I’m most interested in keeping my apps and preferences.