I find it odd that they discontinued the 1 TB SSD option and still kept that damn fusion drive, I bet has something to do with the chip shortage AND a redesign.
The only people who would call it a "damn fusion drive" are those who never had one. My 27" Late 2013 iMac has a 3 TB Fusion and it's going strong. Do you have any concept of how much a 3 TB SSD iMac would have cost in late 2013/early 2014? Fusion has worked great for me. I also have a newer, all-Flash iMac at work, and I can barely tell the difference between the two, performance-wise (both have 16 GB RAM).
Yes, I've heard all the reliability arguments, and the edge-case exceptions, but flat out, I have 3 TB of internal storage that performs like an SSD, at a small fraction of the price of a 3 TB SSD configuration in 2013/2014.
The cost of Flash has dropped significantly since then, but 1 TB Fusion is still way cheaper than 1 TB of Flash. It's still a decent "value proposition" for a person with a need for large internal storage, middle-of-the-road usage requirements, and a tight budget.
I'm quite confident Fusion will be gone altogether with the Apple Silicon-equipped iMacs. When those arrive I'm ready and willing to trade in my 7-year-old iMac and breathe a small sigh of relief that the spinner in the old one hasn't failed (assuming it doesn't fail in the interim). Meantime, I run a backup just like anyone with an all-SSD computer should.
Oh, and since my Photos library is over 800 GB by itself, I may have some challenges with running on all-internal storage... I'll figure that one out when I need to.