Hello,
The Portfolio settings from Theme Settings > Portfolio only apply to the default portfolio archive page assigned in the theme settings.
Since you have added the Portfolio widget to a custom Elementor page, those theme settings will not affect this page.
If you want the theme settings to work, please create an empty page and assign it as the Portfolio Page under Theme Settings > Portfolio > Portfolio Page. The portfolio archive will then be displayed on that page, and the settings (including the number of items per page) will be applied accordingly.
If you prefer to use your custom Elementor page, you can set the number of portfolio items directly in the widget settings:
Edit the page with Elementor > Edit the Portfolio widget > Style tab > Projects per page, and set it to 12.
https://postimg.cc/ykHZGVJb
Best Regards