I have the 2020 iMac with 5700XT and I don't have the white lines issue, but HDMI out doesn't work. I've tested with Mini DisplayPort to HDMI adapter and usb-c to HDMI adapter. They both work on different MacBooks as well as the HDMI cables. I wiped the SSD clean and tried re-installing at least 15 times, but it doesn't fix the problem. Only way to get it working is to reset the PRAM, but I have to do this every time TV shuts off/on or is disconnected.
Could be a firmware or hardware issue. It might be related to the 5700xt glitches or just be my iMac.