Catalina is the latest version of macOS that a 27" Late 2013 iMac can run, but it's not the only version available.
MacTracker says that machine came with assorted versions of Mountain Lion and Mavericks. There are several older versions of macOS that you still can get, and that you could install (using a "clean install" on a spare drive). The main one of interest would be Mojave (10.14) – if you had some 32-bit applications you wanted to resurrect. Otherwise it's best not to downgrade, and to stick with Catalina.