I don't have the answer but something to keep in mind, these iMacs use PCIe SSD's, which are incredibly fast, somewhere around 3x faster read/write than a regular external SSD via USB. Thunderbolt is technically faster than PCIe, but you're limited by what the external SSD can do, so in reality it is gonna be a slower drive no matter what.
I would use Black Magic's disk speed test to find the actual read/write speeds on your internal SSD, and look up what you can get with the external on thunderbolt. In general it's always been recommended to use a separate drive for scratch - especially for mechanical drives - though I would think at this point with PCIe, you might not actually see any real benefits with a scratch disk, might actually offer less performance. As with all this stuff there's usually no one good answer for everyone, partly depends on the type of content you're creating and how much is being written to scratch.