Does the new M1 iMac 24 have Target Display Mode?

No one here has one yet (we are your fellow end users).

Apple started the deprecation of Target Display Mode in Late 2014 when the external monitor capability was removed from all iMacs. Apple threw the last shovel of dirt in its face in early 2020 when they removed the ability of all Mac cpmputer to be about to send a video source to an iMac. It's a dead technology.

You can ask Apple, but they are not known for "turning back the clock."