iMac was originally a consumer-targeted product (with a display nowhere near 24 inches), while the Power Mac was a pro-targeted product in parallel. From 2007 through 2019, iMac did have a sort of prolonged dalliance as a pro-ish product, but clearly returned to its place as a consumer-targeted product as the Apple Silicon era began (thought the intervening decades have made consumer-level Macs adequate for more actual professionals than the original ones were).
That might have been kind of disappointing for people like me who were waiting to upgrade their 27-inch Intel iMac to whatever pro-focused Apple Silicon iMac that turned out not to exist. I waited a while for the nonexistent announcement, but eventually went with the Mac mini-plus-Studio Display combination. In retrospect, that was the right choice, and I respect the reclaimed clarity of the iMac's role in the Mac line. The practical prices of today's Mac mini-plus-Studio Display setups are comparable to those of the 27-inch Intel iMacs, and in my situation? I imagine I'm going to replace my M1 Mac mini with something from the later years of this decade without having to repurpose, replace, or re-pay for my display. The modularity is welcome, and the sight and feel of the Studio Display is better than the sight and feel of some kind of all-in-one. (And the Mac mini does internalize the power conversion, as you're aware.)