That finding could be pivotal. When I spoke with Apple support on the phone, the rep asked whether I had any peripherals connected to the iMac while it was sleeping, and asked to unplug them. The only thing that came to my mind was a UPS which connects via USB to let the computer know when it’s running on battery.
It was only later—after reading your post—that I realized something else: on many occasions, when the issue had occurred, I’d had an Apple Thunderbolt 3 cable connected to the iMac, and it’d been roughly around the time when I’d bought the cable back in October that I’d first started having the problem (i.e. before Big Sur).
The strange part is, the cable’s other end had usually been unplugged. Nevertheless, in the days since I’d disconnected both the UPS and the Thunderbolt cable, the iMac woke up just fine. I think it would take up to a couple more weeks of monitoring to really make sure it was the cable that caused the wake issue.