Connect MacBook Pro to iMac and two external monitors?

No those Mac's do not support Target Display Mode using a cabled connection.

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

The M2 MacBook Air only support one external display.

The M1 iMac only support one external display.

If you need a Mac that supports 2 or more external displays, then you need to consider getting a Mac Mini Pro, a Mac Studio or a Mac Pro.

Neither your 24" M1 iMac, nor your M2 MacBook Air, support Target Display Mode. You can't use either one as a hardware monitor for the other.

They are recent enough that you could set either Mac up to be an AirPlay Receiver for AirPlay to Mac. AirPlay isn't as good as a first-class hardware video connection, and it probably will not support the full resolution of your iMac. Or give you a choice of Retina scaling modes. But since you already have the Macs, it's free to play around with it.

System requirements for Continuity features on Apple devices - Apple Support

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

As far as real hardware monitors go, your M2 MacBook Air supports one external display. That display can be one with very high resolution ("up to 6K resolution at 60 Hz"), but the limit is one (whether the lid is open or closed).

MacBook Air (M2, 2022) - Technical Specifications - Apple Support

MacBook Air (15-inch, M2, 2023) - Technical Specifications - Apple Support

I believe an AirPlay connection would not count against that, so you could have one real hardware monitor, plus one lower-quality AirPlay connection to the 24" M1 iMac.

+1, also please remember that Macs are computers, they are not external displays for other devices. If you need an external display please buy one, there are many reasons why, including:

• No expensive cabling needed.
• Prices start <$100 (check Amazon)
• Simple to setup
• Far more reliable than Target Display Mode ever was