When the voltage drop is not aligned with the source voltage, as it is when you account for complex impedance, the difference is slightly less than the maximum possible difference if they were aligned (as we'd calculate in a resistive case).
To expand on this, there are two complex impedances at play, the wire and the load, which are in series. For voltage drop in the wire, all we really need to know is the load current phase angle; the analysis works for any load with a consistent current phase angle, even it's not necessarily a fixed impedance.
Basically the voltage drop phase angle relative to the source voltage will be the sum of the load current phase angle plus the wire's impedance angle (arctan(X/R)). But the load typically only cares about the magnitude of the voltage it will see, not its phase, and to compute that to first order we only care about the component of the voltage drop parallel to the source voltage. That means for the case of 0 load current phase angle, aka a resistive load or a power factor 1 load, we can compute the relevant component of the voltage drop using only the wire resistance. In other words for this case Z effective, the value you need to use in a voltage drop formula, is just the resistance R.
When the load current phase angle isn't zero, i.e. the power factor is less than 1, then both the wire resistance and the wire reactance contribute to the relevant voltage drop, and Z effective becomes a mix of X and R. As the phase angle increase from 0 to 90 degrees, i.e. the power factor drops from 1 to 0, the contribution of R to Z effective decreases, and the contribution of X increases. The formula is in the footnote to Chapter 9 Table 9.
The relevance of this to the OP is that while wire resistance per unit length is inversely proportional to the conductor's cross-sectional area, the wire reactance per unit length hardly changes with conductor size. And for large conductors (500 kcmil is large) they are approximately the same magnitude. Which implies that for small conductors like the #12 in the OP, the wire reactance is basically negligible compared to the resistance. The upshot is that for voltage drop calculations on small wires, the lower the power factor, the lower the effective Z, and the lower the voltage drop.
Cheers, Wayne