Your analogy only works when you think someone will buy the studio display and the mac mini - and that puts it more at £2,400.
The 5k Intel iMac started at $1800 for a "low end" i5 CPU that was still somewhat better than the $1100 i5 Mac Mini.
Virtually everything else got an Intel to Apple Silicon upgrade, with a massive performance boost, without changing the starting price by more than a couple of hundred bucks (...the Mac Mini got a $100
cut - the 14" MBP got an inch, plus the same CPU/GPU spec as the 16" for the same price as the old low-power i7 option of the 13").
The "5k iMac M1" equivalent got a $600 hike - and the next rung up (M1 Max Mac Studio + display) is $3600 - right at the top end of the old iMac range.
So, basically an M1 "iMac 27" costs £2,400... and an M1 iMac 24 costs £1,500.
So that's a $1100 difference for the same CPU/GPU.
The 27" i5 iMac started at $1800 - the 23.5"
i3 iMac started at $1300.
That's a $500 difference with a
significant CPU and GPU upgrade.
The inconvenient truth is that the new "5k iMac equivalent" represents a ~$600 price hike c.f. the Intel range, when everything else has kept roughly the same price points. Which might be understandable if they'd come up with a significantly improved display - but they haven't.
(Better speakers, mics and "centre stage" on the webcam are consumer-level features at odds with the "studio" branding - anybody involved in even 'prosumer' audio/video work is going to need proper studio monitors, external mics or cameras).