2021 iMac M1 24 inch Blue

First of all, this was the first time i forgot to buy apple care for any of my devices since getting my first 2008 macbook unibody. Biggest mistake!

The display of my 2021 iMac 24 inch has a horizontal line right above the lower part of the menu bar, and it runs across the screen. It is like that for a few minutes after turning it on, but then the upper part of the screen starts getting white and has lines both horizontal and vertical on the upper portion of the whole display. I brought it to the Apple store here in the Philippines, and their recommendation is to change the display. Costing a little more than half of the unit itself, mind you, only after a little over 2 years of use, and this happens. My 2007 (white) and 2008 iMacs (aluminum) are still working with no problems. Slower and iOS cannot be upgraded anymore, but they are still working.

This morning, I decided to attach an external monitor (via USB C) to be able to still use the iMac and camera. After a few minutes of use, I noticed that the top right corner of the display suddenly got so hot, as in hot to touch, that I thought I had burned my finger. I'm sure that this isn't the way these machines are supposed to function.

I'm still loyal to Apple (all our devices are Macs, Air Pros, and iPhones), and its not an option to switch to Windows. Anyone experiencing this with their iMacs? Super Frustrated. What do you guys think? What else can i do?