The new iMac's SSD is soldered to the motherboard and therefore is not user-replaceable, according to ifun.de. Previous iMacs have not been soldered in place, allowing for upgrade or replacement. Supposedly according to internally published technical information, the 2020 iMac's individual SSD modules are soldered directly onto the motherboard, similar to how storage in MacBooks have been soldered down for several years.
I suspect that only the base model's 256GB is soldered. This would explain why the base model cannot be configured with a larger SSD.