Maybe, don't be so sure.
1. The AMD listed specs state the same speed for both, albeit at the lower 723. Given all details are the same this does not look like a new chip, more like a rebrand. I would say the chances of the 395 running at 723 or 850 are greater than any higher value because of 2. below.
2. The teardown of the new iMac
https://forums.macrumors.com/threads/2015-imac-27-retina-5k-teardown-pictures.1928726/ appears to show that it is using the exact same cooling system as the late 2014. The 2014 runs hot (I have one). The M295X GPU never runs at 850Mhz for more than 30 seconds or so, it always clocks down to around 750/723. I would be surprised if the 395 somehow managed to overcome these limitations with what looks like absolutely no change in the iMac or GPU design.
Apple should have never advertised the M295X @ 850Mhz. That is it's boost speed which can only be sustained for very short periods. A more honest approach would have been to quote it's standard speed of 723Mhz with boost as a separate figure.