...My main issue at the moment is that I'm transcoding those 4K video files to proxy via a MacBook Pro 2011 - therefore, even if I just change one clip's exposure or colours, I have to wait for that 5 minute clip to render.... it's painstaking....I am using H264. It's a shame to learn that I'd still need to transcode to Proxy....How long does it take a new 27" iMac to transcode say, 3-4 streams of 1 hour performance 4K?...
Using FCPX 10.3.4, my top-spec 2017 iMac 27 imports and transcodes to proxy 4k H264 from a GH4 at about 4.4x real time. IOW a 6 min 4k clip takes roughly about 80 seconds. A 1 hr 4k performance would take about 14 minutes per camera. This is likely much faster than a 2011 MBP.
The 2017 iMac also has a much faster GPU than the 2011 MBP, so effects will render much faster in the timeline. If using proxy, for most common effects you don't need to render the timeline at all, just apply the effects and keep going. An exception to this is very CPU-intensive effects such as stabilization or Neat Video noise reduction.
The 2017 iMac is actually fast enough to edit a single stream of 4k H264 material (in FCPX) without transcoding to proxy, but multicam still requires proxy.
..Would you still say the iMac Pro will give me a reasonably significant upgrade over maxing out the current 2017 iMac or because the iMac Pro will be based on XEON architecture, you think it'll actually be slower in FCPX than a 2017 iMac?...
This is a key question but nobody yet knows the answer. I was going to wait for the iMac Pro but I'm in the midst of a large documentary project and after testing a 12-core Mac Pro D700 and the 2017 iMac, the iMac was much faster for our H264-oriented workflow, so I got that.
There's no question a top-spec 2017 iMac will be a huge improvement over your 2011 MBP for FCPX editing and rendering. The real question is how much faster (if any) would an 8-core iMac Pro be on 4k H264 video editing in FCPX.
If it doesn't have Quick Sync (and it appears it won't) I don't see how it could possibly be faster on H264 or H265. It will be pretty fast in terms of CPU and GPU. The 8-core multicore CPU performance will be about 1.76x faster in a perfectly parallel workload, and the Vega 56 GPU is roughly 2x faster than the Radeon Pro 580 in the 2017 iMac.
However the 12-core Mac Pro D700 has roughly the same multicore CPU performance as the upcoming 8-core iMac Pro, yet in my tests the nMP was 1/2 as fast as my 2017 top-spec iMac 27 in 4k H264 transcoding. Unless Apple does some miracle to provide hardware-accelerated transcoding of long GOP video formats in the iMac Pro, I don't see how it would be much different.
For other workloads not involving hardware-acceleration on H264, H265 VP9 or AV1 codecs (e.g, Premiere Pro, Photoshop, etc) the iMac Pro will probably be considerably faster than the 2017 iMac.