Can mac studio connect iMac

I can't say enough BAD things about streaming full motion Video using Airplay or Luna Display or DisplayLink displays.

The bandwidth available with these connection methods is severely limited, likely under 1/20th the bandwidth required for a high quality cable connection The picture and sound will NOT be very good.

Such a connection might be acceptable for program listings, spreadsheets, stock quotes and other slow to change data.

Bottom line the real answer is NO, you cannot use the display of your iMac as a display for your Mac Studio. This question has been asked for years now. Apple discontinued Target Display Mode long ago. The display in an iMac is simply not a monitor plugged into the iMac. iMac displays are fully integrated with macOS and iMac hardware.

Save yourself disappointment and purchase a quality display of at least 4K resolution. Displays can be priced from low to high based on features and ports. Apple’s Studio Display is at the top of the list. You spent big bucks on your Mac Studio, don’t scrimp on the display.

Connect to do what...?

You can connect for file sharing.

see > Set up file sharing on Mac - Apple Support

You can not connect the iMac as a display for the Mac Studio.

see > Use your iMac as a display with target display mode - Apple Support

If the iMac is new enough (2019 or later), and is running Monterey or later, you could use it as an AirPlay Receiver for AirPlay to Mac.

System requirements for Continuity features on Apple devices - Apple Support

Set up your Mac to be an AirPlay Receiver - Apple Support

This would let you use the iMac as an extra (not main) screen. I don't believe that AirPlay would support the full 5K resolution of a 27" 5K Retina iMac, and video quality might also suffer in other ways.

(By the way, a Mac Studio can be an AirPlay Receiver, allowing you to cast video to your Studio from your iPhone!)

astropad luna might work to use it as a display-https://astropad.com/product/lunadisplay/

Perhaps to use the iMac as a second display, but not as a setup or primary display.