Are there any downsides to me continuing to use it?
Only if you consider saving money a downside. Why get a new Mac if you current Mac does everything you need it to do?
I have notice that many on the forum are quick to tell someone with a similar scenario as you to just buy a new Mac. Personally, I think if your current Mac is running great and does what you need it to, save that money for a new Mac down the road.
Security update issues etc?
Typically, Apple continues to provide security update for the OS and Safari for three years on any particular MacOS version, meaning that as long as you have Monterey, you will have at least two years of security updates. Big Sur should have another year. Catalina's last security update may have already past.
Another note on Apple and OS support, Apple doesn't give official notice that they are no longer supporting an OS. They usually just give one final update in the fall to the MacOS that is three years old.
After Apple stops providing security updates (probably fall 2024 for Monterey), it might be a good idea to use a different browser than Safari, such as Firefox, as Firefox gets security updates for many years after Apple stops on any particular OS.
absolutely functional and runs great.
If you were considering an AS Mac, depending on what you use your Macs for, the performance of your current Late 2015 iMac (you didn't give specs) could be about on par or even better than what is offered by a lot of the AS Macs.
For SW video encoding, I was disappointed of the lack of performance difference between the 3rd Gen i7 in my Late 2012 iMac and the M1. The M1 was faster, but not by much.
Some point out that the Late 2012 is a top of the line desktop versus an entry level AS chip, but I respond that it is an eight year difference. Compare the Late 2012 iMac to iMacs even just a few years older, and it is a night and day difference.
Actually, just compare the single and multi-core Geekbench scores of any entry level Mac from 2012 to any Mac (beside Xeon chips) from early 2009 or older and the cheapest 2012 Macs are faster.
This isn't really a complaint against Apple nor AS, just more like an industry-wide complaint about the overall lack of performance increase in chips over the past 8-10 years.