These are the requirements for optimum memory speed on the 2020 iMac:
1. DIMMs in slots 1 and 2 should have matching part numbers (or only one DIMM), else speed will drop to 2133 MT/s
2. DIMMs in slots 3 and 4 should have matching part numbers (or only one DIMM), else speed will drop to 2133 MT/s
3. DIMMs in slots 1 and 3 should be the same size, for full dual channel operation
4. DIMMs in slots 2 and 4 should be the same size, for full dual channel operation
If your speed drops to 2133 MT/s, you are not satisfying requirements 1 or 2. Switch DIMMs around so that you do satisfy them.
If you only have 3 DIMMs, it is impossible to satisfy both requirements 3 and 4.
What happens for you depends on whether the part number of your third DIMM matches the part numbers of your first and second DIMMs.
Hope this helps
btw, please report back if you find something different happens than I describe. These "requirements" are essentially deduced (i.e., reverse engineered) from many people's experiences on this forum when installing RAM in the 2020 iMac - we do not have special knowledge of how it is actually coded.