Important question: Will the computer start as is? If so, Disk Utility will identify the currentdrive type and size, if any is installed.
If your iMac was ordered with the factory SSD option, there will be nothing in the drive bay. The SSD NVME slot is on the "wrong" side of the logic board and not visible without a teardown, a major and risky undertaking in that model..
If that is the case, the factory SSD (either 256 or 512GB that year) is far faster than anything you put in the large bay. The bay has an SATA 6G bus that can run no faster than 500-600MB/sec. A factory SSD in the NVME slot on the logic board can be 3-4X that fast.
If your iMac has the Fusion option, there would be a drive, or at least an SATA connector, in the bay directly below the fan housing. As the 2.5-inch drives Apple used as base, or as a part fo the option Fusion drive system, seem to fail with some regularity when as old as yours, someone may have pulled it, or pulled it for security reasons before reselling.
If your iMac did NOT ship with the Fusion or SSD options, it will not have an NVME slot on the logic board.
If it is slow with a factory SSD, something more concerning than the drive type may be at play.