I suspect the EtreCheck hard drive warning is coming from this:
Performance:
System Load: 1.51 (1 min ago) 1.36 (5 min ago) 1.33 (15 min ago)
Nominal I/O speed: 0.36 MB/s
File system: 26.01 seconds
Write speed: 30 MB/s
Read speed: 75 MB/s
A write speed of 30MB/s is slow, even for a 3GBps 5400 RPM drive. Should be 50-70.
Try removing all the Western Digital software that EtreCheck identifies with "wdc". That stuff has never run well and I've had stalls and overheating when running it on both current Intel-powered Mac and older PowerPC Macs. Several posters here said that WD tech told them not to use their WD Mac software. There have been different methods of removing it so you may need to contact WD support for the "how to." However, DO NOT download one of the generic "uninstaller" apps all the search engine push through their advertising. Too many are are simply carriers to give you malware.
However, removing that would be an incremental improvement for an iMac with 8GB RAM and a slow mechanical hard drive that is trying to run Adobe CC and Premiere, very high-demand programs.
Given the HD may be failing and you need more speed, the best option with this computer is to get an external solid state drive (SSD), clone your internal drive to it, and set it as your boot volume. A USB 3 external enclosure with a 6GBps SSD inside will move those read/write speeds to about 400MB/s–almost 9X what you now get– and will make a huge difference is how the computer performs.
A Thunderbolt 3 external SSD boot drive would be even faster but they quite pricy.
If you decide to replace the iMac with a one more capablle on handing the Adobe pro apps, do whatever you can to afford the Apple SSD option. These are the EtreCheck scores for the 1TB SSD in my 2017 iMac 27" 5K:
Performance:
System Load: 1.66 (1 min ago) 1.42 (5 min ago) 1.31 (15 min ago)
Nominal I/O speed: 0.23 MB/s
File system: 20.35 seconds
Write speed: 2156 MB/s
Read speed: 2863 MB/s