Use iMac 2020 as external display for Macbook Pro 2020 (M1 Chip)

Is there a way to use my iMac 2020 as an external display for my Macbook Pro 2020 with the M1 chip?

I tried to use Airplay but the display gets distorted.

The Macbook Pro has 2 "thunderbolt 3" ports and the imac has 2 "thunderbolt 3" ports, so I purchased the thunderbolt 3 to thunderbolt 3 cable with no luck displaying the pro to the imac. Any suggestions?