I've had most of the iterations of iMac. The all-in-one nature is great and it also allows Apple to control and optimize the design and hardware.
Altogether, have had a total of one issue with an iMac, an issue with the graphics card which was fixed under a warranty extension program. Other than that, they've been retired (put to other uses or given away) due to being superseded by technological advances as opposed to any failures, so that argument doesn't resonate.
Haven't bought an AS version because the screen size is just too small. 27" is the smallest size that would make sense for me and would prefer 32".
As long as the display is Retina and HDR, instant buy. The screens on the iMacs I've had have been stellar - even my 2019 Intel Retina remains excellent, although not HDR.
For those of you talking about Target Display Mode, check out High Performance Screen Sharing, it's great (and includes audio). Requires an AS Mac on both sides (client and server) and performs best with a decent local connection, but with HP screen sharing any concerns about being "stuck" with a display integrated with a computer have disappeared for me.
--
While it's true Apple designs and develops lots of devices that never reach the market, heavily suspect they keep an eye on the economy and an new, bigger, more performant iMac may be something more attractive to buyers as opposed to the expensive combination of a Mac Studio and separate display, which can wind up being pretty spendy.