Is there any way to have multiple displays on the new iMac?

The 24" Silicone iMac only supports one external display, projector, or HDTV from the Thunderbolt / USB 4 ports.

please carefully read > https://support.apple.com/guide/imac/connect-a-display-apd8cdd74f57/mac

Yes, there is a way to use multiple displays on the new iMac. But only one additional.

The Specifications of the M1 iMac from Apple:

https://support.apple.com/kb/SP839?locale=en_US

Video Support

• Simultaneously supports full native resolution on the built-in display at 1 billion colors and:
• One external display with up to 6K resolution at 60Hz

If you need 2 external displays then you bought the wrong computer, if you are still within the 14 day return period and bought it directly from Apple you can return it and buy a 27" iMac that support more external displays.

No there is no way to have more than 1 external display. Apples specifications are quite clear. If you need more than 1 external display consider the 27” iMac.