With Snow Leopard, it is "supported" in every way it was supported when you made the decision to buy it. In fact, it is supported BETTER, because of the increase in 64-bit code, elimination of PowerPC code, new Finder, Grand Central, and many other improvements.
Your iMac also does not support up to 8GB of RAM, like the 2009 model. It does not support a 30-inch display connected to the video port, like the 2009 model. It probably has a smaller internal drive. Why? For the same reason OpenCL is not supported (because it's an older model).
One year is a long time for a computer. It's been less than 8 years since a brand NEW iMac had a CRT, PowerPC G3 processor, 256mb of stock RAM, and 16 whopping megabytes of VRAM. The 2008 model was released in April 2008. For the designers and engineers, its design and specs were probably set at least six months earlier, to allow time for testing and manufacturing to gear up. Six months earlier is when Leopard was released, in October 2007. Your iMac was designed with Leopard in mind, not Snow Leopard. Yet Snow Leopard will provide significant technical improvements that will probably improve general performance (in noticeable ways) from Day One, and those improvements will have nothing to do with OpenCL.