Hi Olivia. With the latest release of ArcGIS Pro 2.6, you can compare two categorical rasters and generate a table to get information about the amounts and types of change. The Compute Change raster function can compare two land cover datasets and generate an output containing all the possible land cover transitions that occurred.
Because this is a raster function, you have to save the layer as a new raster before you can get pixel count information and transform that into area.
1. Run the Compute Change raster function
2. Export the function layer as a new raster dataset (use the Copy Raster tool or the Export Raster pane)
3. Run the Build Raster Attribute Table tool to add the "Count" field to the dataset (do not choose to Overwrite the existing table)
4. Add a field to the dataset and use Field Calculator to generate whatever information you want. You can get the total pixel count and divide the count for each transition by the total to get percentage, or you can multiply the count by the pixel size to get the area.
This is currently a multi-step process, but we are working on making this whole process much more streamlined in ArcGIS Pro 2.7.