The Xeon is really just a "renamed" Core i-series CPU. Although often the Xeon uses a design that is 1-2 generations behind the Core i-series, that is likely not true in this case; or at most 1 generation behind, as Intel just released new ultra-high-end Core i-series that are basically the reverse - they are what were previously called Xeons rebadged as Core i5, i7, and i9.
For HVEC (H.265, x265,) the Xeons that are almost assuredly going to end up in the iMac Pro will have hardware level support for encoding and decoding. And if they do use Xeons based on the latest Core i-series, their "Turbo" speed when using a single core will likely be the same as the Turbo speed of the lower-end CPUs in the non-Pro iMac.
The fastest a "configure to order" Core i7-based iMac goes is a quad-core 3.6 GHz "base" speed, 4.2 GHz "Turbo." (That means that if it has been running on all cores so long that it hits heat maximums, it will run at 3.6 GHz. If it isn't at heat limits, and is only using one core, it will run at 4.2 GHz.)
The iMac Pro's likely CPUs include the Xeon equivalent of the details-just-released
Core i9 7980XE: 2.6 Ghz "base" speed, 4.4 GHz Turbo. That means if heat limited using all 18 cores, it will run at 2.6 GHz. And the maximum Turbo, which on this CPU covers when *TWO* cores are active, is 4.4 GHz. So for one or two thread applications, it will be faster than the non-Pro iMac. For three or four thread applications, it would probably be about the same (we don't know the exact 3/4 turbo frequencies of the new CPU,) and for anything that can use more than four threads, the Pro would be far faster.
There's even an 8-core variant (Core i7-7820X) that is faster in both base speed and Turbo speed than the highest-end current iMac. So it would be faster in *ANY* workload, even before you consider that it has twice as many cores! That's probably going to be the "base" level processor. The likely 10-core version is the Core i9-7900X.
Again, Intel just released "Core i" CPUs that have specs that previously would have been declared "Xeon" - in all likelihood these are the exact same CPUs that Intel will use, just rebranded Xeon again.