I have vision problems. I enjoy using Apple iMac. I just hold Control and swipe my mouse (apple has magic mouse with touchscreen action built-in), and my whole screen gets larger or smaller seemlessly as a swipe.
It's a great aid for the "vision impaired" and "i need my glasses". I have troubles with my PC font sizes but don't want to install 3rd party hacks that crash software. For this item - I really like Apple iMac.
NOW TO YOUR ISSUE: no, 12.1 does not default to size 15, the default doesn't change. What you need to do is completely follow the directions for un-installing before you upgrade (I am repeating the instructions when I say that). Old settings, if left to linger, can interfere with new ones and cause issues.
I realize you may know allot more about Mathematica than I, but I suggest trying to re-install with more effort upon the un-installation part of things.
You can go to Format->Options Inspector from your main shell menu and change your defaults - there are many defaults than can be changed and you can see current settings (15, your problem, will not be a default, so if you find it and click "default", it will be normal again)
despite it is easily fixed, I suggest you may have further problems and should attempt re-installing if that isn't too inconvenient
ONE MORE WORD OF CAUTION. Make sure you are meaning "default for new notebook" and not "when I open old notebook", since an old notebook could contain an old font who's only available size is 15. (but if you open a new notebook, the default would be, say, 12). Make sure your problem is default size and not "missing font" before you try to fix it. (but again don't fix it - just re-install)
My default Font Size is this (after upgrade probably before it as well).
FEPrivate`If[FEPrivate`$OperatingSystem === "MacOSX", Inherited + 1, Inherited]