It absolutely will. You did not provide your specific iMac model, but all recent ones have very fast USB connections that are capable of transfer speeds equal to their internal storage (again, assuming yours is a recent Mac). The cable is a critical component so be sure you use a correct one: Use caution when purchasing USB-C cables: they are not all alike. - Apple Community
I recommend that you peruse OWC / MacSales for external SSDs and related products that are certain to work with whatever Mac you have. Avoid PC-centric vendors.
The speed of the Time Machine backup drive is less important. The "overhead" required in backing up completely obviates the speed advantage of SSDs. That's why I advocate getting at least two TM backup disks. They're cheaper than SSDs. When they fail, throw them out. Besides, unlikes SSDs that tend to fail catastrophically, HDDs usually give plenty of warning before failing completely.