Etrecheck was written by a longtime member here to help diagnose ProApp issues. It generates an anonymized text report that helps the group here to get a baseline of info on the hardware and software. If you do any kind of search here, you'll find it's the most common request to help someone diagnose their problem. Have a look at their text output to see someone else's anonymized report.
Since we don't have this baseline, we'll need to ask and you'll need to answer many questions so the hivemind here can try to help you.
Was your new iMac setup by migrating User data *and* Applications from another Mac? This can often be a problem due to very old and conflicting software being migrated. Etrecheck can sometimes show that.
Have you tried creating a new admin user, logging in as that user and creating a test project to see if the problem follows?
Was any type of "App Cleaner" like CleanMyMac ever used? CMM does fundamental damage to the system files which can cause FCP to be very unhappy and is generally considered to be malware around these parts. Etrecheck specifically looks for this.
Was Chrome ever installed on this machine? The keystone daemons that Google installs break the videotoolbox and after a complete removal following the instructions from https://chromeisbad.com (just trashing the app is not enough) FCP must be reinstalled. Etrecheck reports on the existence of the keystone daemons.
You didn't say what version of FCP you're running (Etrecheck reports this). If you recently upgraded FCP (Etrecheck reports this), there are some plugins that also need to be updated.