What you are trying to do, is not totally clear.
The iMac will not work as a display for the Mac mini in Target Display Mode.
see > Use your iMac as a display with target display mode - Apple Support
If you have an external display connected to the Mac mini and use Target Disk Mode with the iMac,
see > Transfer files between two Mac computers using target disk mode - Apple Support
then yes you should be able see the external drives attached to the iMac.
Also keep in mind, that it is possible to connect both existing external drives and the USB-C Docking Station directly to the Mac mini.