Good evening. This is the reply from Luna Display:
...Thank you for your interest in Luna Display! Luna will allow you to use your 2017 iMac as a secondary display for your M1 MacBook Air. For Mac-to-Mac mode, the primary Mac must be at least a 2011 Mac with macOS 10.11 El Capitan or later, and the secondary Mac must be running macOS 10.11 El Capitan or later.
The Luna unit will need to be plugged directly into the primary Mac, from which programs and windows are projected. For an M1 MacBook Air, you should choose USB-C Luna.'
I don't know whether the above information can be taken at face value. From what others have replied to my question, I understand that target Display Mode is dead for my 2017 iMac.
I wish to receive counsel in this matter as to how to proceed🙏