It will certainly work, though the Intel Macs have received their last major OS upgrade. Maintenance updates will continue for a couple of years. You won’t get any of the new Apple Intelligence features (in-app transcription), or the silence of the newer M series Macs.
I was also waiting for a 27″+ iMac. Just sold my maxed 2019 and upgraded to a gently used Studio Ultra w/studio display. The M4 Minis are unbelievable value, and I would’ve gone that route had I not stumbled upon the Ultra. Just couldn’t wait any more.