@theorist9 "It's often said the Ultrafine uses the same panel as the iMac. But what you wrote indicates that, at least for the 2017 5k iMac, they aren't exactly identical."
Apple commissioned the bespoke design of the 2014+ 5K iMac screen from Parade Technologies (for the panel T-Con chipset) and LG, (as manufacturer).
To provide a 5K monitor for the 2013 Mac Pro 6.1, Apple partnered with Dell for them to make the UP2715K 5K monitor, which used a version of the LG iMac panel, without the glass front flanges that were unique to iMac construction.
This requires two DP 1.2 cables to connect to the Mac Pro (or Win PCs).
When the 2017 iMac (and MBPs) were fitted with USB-C ports, LG was permitted by Apple to to produce their own 5K Ultrafine monitor, which used an updated version of the Dell 5K panel - which uses the same metal edge fastenings, rather than the iMac's glass flange design.
This relies on Apple software to connect to USB-C Macs using a dual-stream DP 1.2 protocol using a single TB 3 cable.
"...are the two panels at least functionally identical..."
The Dell/LG Ultrafine screen panels were electronically identical to the iMac panels, but LG only used one internal backlight connector on the bottom of their LM270QQ2 panel.
Apple iMac LM270QQ1 screens have two backlight connection points, at each side of the bottom of the panel.
A splitter cable connects the single logic board backlight connection point to both panel connectors.
"...is the panel in my 2019 iMac also an LM270QQ1?"
Yes, it's a LM270QQ1 SD(E1) panel.
Basically all panels after Apple introduced the 2017 iMac Pro's LM270QQ1 SD(D1) panel have the best Display P3 performance, and a better AR coating.
The 2020 iMac is different - in that it's LM270QQ1 SD(F1) panel has the FaceTime camera as part of the screen - like the iMac Pro's. Earlier iMacs has a FaceTime camera attached to the case.
LG updated the earlier TB 3-only 5K Ultrafine in about 2018-9 and later suffix A or B monitors can also use a USB-C Alt-Mode DP 1.4 cable, but this only gives 4K/60, rather than the TB 3 dual stream mode that continues to give 5K/60.