Looks like you've identified the problem. There's another community thread about it here;
https://discussions.apple.com/thread/252034376?answerId=253913988022&page=1
Apparently Big Sur tries to install exclusively on the SSD part of the Fusion Drive, but during the installation demands > 40GB storage , which is then much reduced afterwards. My Fusion Drive SSD (disk0) only has 24GB:-
diskutil list
/dev/disk0 (internal, physical):
#: TYPE NAME SIZE IDENTIFIER
0: GUID_partition_scheme *24.0 GB disk0
1: EFI EFI 314.6 MB disk0s1
2: Apple_APFS Container disk2 23.7 GB disk0s2
/dev/disk1 (internal, physical):
#: TYPE NAME SIZE IDENTIFIER
0: GUID_partition_scheme *1.0 TB disk1
1: EFI EFI 209.7 MB disk1s1
2: Apple_APFS Container disk2 1000.0 GB disk1s2
/dev/disk2 (synthesized):
#: TYPE NAME SIZE IDENTIFIER
0: APFS Container Scheme - +1.0 TB disk2
Physical Stores disk0s2, disk1s2
1: APFS Volume Macintosh HD - Data 290.7 GB disk2s1
2: APFS Volume Preboot 86.8 MB disk2s2
3: APFS Volume Recovery 528.9 MB disk2s3
4: APFS Volume VM 3.2 GB disk2s4
5: APFS Volume Mac Built In 11.2 GB disk2s5
I don't hold out much hope of Apple fixing this for Fusion Drive 2015 iMacs because they're next in line for obsolescence :( I'm staying with Catalina!