There are things that may matter more than the number of GPU cores:
RAM
Adobe recommends at least 16 GB of RAM. Stock models of the iMac include only 8 GB of RAM. Since you can't expand RAM after purchase, I would recommend custom-ordering 16 GB of RAM (24 GB if you do lots of complex work in Photoshop), or finding an Apple Authorized reseller who carries iMacs with more than 8 GB of RAM.
Ports
The entry-level version of the iMac that comes with 8 GPU cores lacks the two extra USB-C (USB) ports, and the Ethernet port, found on the higher-end versions. With just two USB4 / Thunderbolt ports, and a headphone jack, you might find yourself running out of ports – and needing a USB-C or Thunderbolt hub/dock – very quickly.
Keyboard
If you buy the entry-level iMac, you don't get the keyboard with the Touch ID feature. That's not as important as other things, but I thought I'd mention it.