It isn't Mojave that's the issue with HDD performance. It's the APFS disk format.
APFS was first released in High Sierra (10.13.x) but High Sierra was selective in that it defaulted to using MacOS Extended (Journaled) aka HFS+ format for system drives that were HDDs but used APFS if it was an SSD. You could optionally install High Sierra on an HDD formatted as APFS but it wasn't advisable.
Starting with Mojave, APFS became required for system drives regardless of whether they were an HDD or SSD. But you can still format non-system (aka data) drives as MacOS Extended (Journaled) and they will work perfectly fine.
+1 for the suggestion already made to adding an external SSD to your iMac and use that as your startup drive. Your iMac supports USB 3.0, so you could use any USB 3.0/3.1/3.2 drive (but not USB 4 unless the drive specs say it also supports USB 3.x)
A USB 3.1 Generation 2 (up to 10 Gbps) drive connected to one of the Thunderbolt3/USB-C ports on your iMac would be the fastest connection.