From what OS did you upgrade? Mojave should have been just as slow.
Both Mojave and Catalina were designed to run from a solid state drive (SSD). Running either on a spinning hard drive will be slow. However, slow is relative. Yours sounds like it is more than just the slowness of running from a spinning hard drive.
Are you sure it is a late 2011 iMac? The specs say it isn't compatible with that Mac. Your device description shows a 2012 which is compatible.
There is also a lot of optimization and other rebuilding going on in the background when you first install. If Photos is running, it will re-analyze the entire photos library, which will slow other things down while it completes that task.
If that isn't the issue, then you may have old, incompatible system modifications causing issues.
You can run EtreCheck to see what may be causing the problem. Not guaranteed to find anything, but it may help.
The report it generates was really designed to post it here and let those of us who are used to interpreting it help you, so use the Share Report button to copy report, then paste it into the Additional Text area (document icon), here in the reply window toolbar.