If you are going to keep active 4K video projects on external drives – as opposed to just archiving projects once you are finished with them – I would suggest that you look at something faster than a mechanical hard drive.
Your Mac has four USB-A (USB 3.0) ports and two USB-C (Thunderbolt 3, USB 3.1 Gen 2) ports.
iMac (Retina 5K, 27-inch, 2017) - Technical Specifications - Apple Support
Your options for drives – from slowest to fastest – are, roughly:
- USB 3.0 hard drives. Mechanical hard drives are slow enough so that connecting a single mechanical drive using USB-C (USB 3.1 Gen 2) or USB-C (Thunderbolt 3) will not make it go any faster.
- USB 3.0 / SATA SSDs.
- USB 3.1 Gen 2 / PCIe NVMe SSDs.
- Thunderbolt 3 / PCIe NVMe SSDs.
I'm not sure, offhand, which type of SSD to recommend – but I think you definitely would want to edit your projects on SSDs, and only move them to HDDs for long-term storage.