I'm assuming you installed these SSDs internally? It was never explicitly mentioned, but seemed implied when you mentioned not making a Fusion Drive.
If so, then you are using an adapter for the NVMe SSD. What adapter are you using? From reading these forums for years, it seems like the Sintech SSD adapter is the most reliable & compatible adapter. That would be the first thing to try if you are using any other adapter.
Keep in mind not all SSDs are compatible with all computers.
Plus SSDs are very hard to understand as the manufacturers are no longer providing exact technical details about them anymore, more of an expected performance rating which only gives you a vaguest of expectations. You cannot even trust any professional reviews of SSDs these days because the SSD manufacturers are changing the internal components without making any changes to the SSD's model number. So what you see in one review may not pertain to the SSD you actually purchase. Or the SSD you purchase today, may be completely different than the one you purchase tomorrow even if the model is identical.
Because the SSD manufacturers are doing this, the behavior of the SSD may be significantly different under various conditions even if the overall performance may still remain the same.
Plus many SSDs are plagued by slowness after writing GBs of data in a short period of time which overflows the SSD's write cache (usually occurs in about 30-60 seconds of writing non-stop). Some SSDs recover quickly while others can take hours or more to recover their performance. So you may need to let the SSD time to recover before looking at the performance of the SSD.
One way of figuring some of this out could be to test the SSD externally to see how it performs assuming you have a USB3 adapter/enclosure for the SSD which is able to handle the high transfer rates of the NVMe SSD (these enclosures can be hard to find), plus you want the USB enclosure and every USB device in the chain between the SSD and the computer to support the UASP protocol for optimal performance of USB3. However, these iMacs don't make it easy to access the internal drives for these kinds of tests which would help you to determine if the SSD is at fault, or possible the adapter. It may even tell you if the SSD/adapter combo is compatible with this Mac since if the SSD performs well externally, it may mean their is a compatibility issue of some sort with the SSD/adapter setup.
I would avoid the Fusion Drive setup with two SSDs. I'm not sure how Apple determines which SSD is used for caching, plus it would be a waste of a 2TB SSD.