Exactly,
when you would ONLY use Final Cut Pro X then you can “ignore” the processor, go for the best graphics card you can have, RAM is good as well. But of course, if you will use your iMac for various applications (multimedia production and “normal usage” like Mail, Safari,…) you will appreciate a good all-round machine. Depending on how much you want to spend, you will have to adapt your selections. If I were you, I’d go for the i7 processor and put your own RAM in it. For the graphics card, take the best one; the 5K Display needs power. And for SSD vs. Fusion Drive vs Hard Drive I have to say the following: I am working on a MacBook but have an iMac as well, so SSD vs. Hard Drive. The Hard Drive is just horrible. Go for the 256 GB SSD and buy a whatever RAID you want, you have all the options. Then you will have all your apps and important documents on your iMac with super high-speed. On the other side, you have all the big stuff like 4K footage on your external storage: Connect it via USB 3 or Thunderbolt and it will be fast enough for editing.
(I am working with a medium speed hard drive, just connected via USB 3 and it is fast enough. I also have an external 512GB SSD, which I sometimes use to get even faster performance – when loading projects or importing videos, the SSD outperformes the hard drive easily…)
And with that setup you should be able to do video editing and multimedia production, while you still get good performance on everything else you will do.