The imac specs are
3.4Ghz quad core intel core i5
8 GB 2400 Mhz DDR4
Based on that, I'm concluding a 2017 iMac
@Fishrrman
have an iMac with the Fusion Hard Drive, which since installing Big Sur is now running slower.
Apple did get APFS (Apple File System) to eventually work with Fusion, but the two indeed do not play well together. I say that with experience. Also, unfortunately, for us Fusion drive users, APFS is required for macOS Catalina and Big Sur. Therefore, best to either move away from Fusion or not upgrade OS. With that said, an external is certainly an option if you want to avoid the time/cost of upgrading the internal.
I have tried an old SSD connected by USB and this seems to work ok but wondered if a new thunderbolt device would be much better.
When you say USB, I assume, you mean one of the
USB type A ports, correct? If so, those ports allow up to about 400MB/s of throughput in real world performance. Maybe your "old" SSD can't provide that, maybe it can. Even if it can, let's move on. You can go Thunderbolt 3 with a mid to high-end SSD and have it achieve as much as 3,000 MB/s. Although, the price tag matches so to speak. The third external alternative is USB 3.1, for example:
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You'd connect the drive to one of the iMac's Thunderbolt ports (
USB-C). Even though it uses the traditional USB protocol rather than TB, USB 3.1 gen. 2 can attain up to about 900MB/s in real world performance, which is not bad.
Basically, unless you need/want top-notch storage performance and finances aren't an issue, I'd suggest a newer USB 3.1 (10Gb/s) drive if you want to go with an external-type storage upgrade.