The Fusion Drive has been the clear bottleneck in performance.
First, please show us data on the Fusion drive. Replacing its mech component with an SATA 6G ssd could make things slower if the Fusion drive proved to be healthy or reparable.
If you want a data-driven evaluation in this setting where we can neither see nor touch your computer, please post an EtreCheck report. EtreCheck Pro is available here:
https://etrecheck.com/index
The free version will do nicely for this purpose, although the app is worthy of our financial support.
We can see hard data about drive performance, software issues and interferences, and RAM usage. Etrecheck is the development of a long-serving and trusted ASC contributor. It is a reporting app, not a "fix-it” app, expressly for displaying information in these forums to help us help you remotely. It will not reveal any personal or secure information.
Please see this excellent user tip on how to post long text reports like EtreCheck's into a forum response:
How to use the Add Text Feature When Post… - Apple Community
Please post the entire report. What seems insignificant to a new EtreCheck user can hold answers for those of us who have reviewed thousands of those reports.
Issues you face:
1— The blade SSD is located on the "wrong" side of a board for easy access. Watch this install video to judge your comfort with excavating it: https://eshop.macsales.com/installvideos/imac-27-inch-5k-2019-pciessd/
2— For each storage option they sell, OWC shows if a thermal sensor kit is required (I get all our drive upgrades from OWC), For your model they show a sensor is required if your replace the HDD part of Fusion, but not the blade SSD part.
3— a healthy or reparable Fusion Drive in that iMac model can do read speeds from 600-900MB/sec and write speeds of 1400MB/sec or more. If you install an SATA 6G SSD in place of the Fusion's mechanical drive and disable Fusion completely, you get about 500MB/sec reads and writes. That's why our seeing the Etrecheck report is so important to fully addressing your issue,
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Considering your iMac's age, even if you have to replace the power supply, by far the most cost-effective way to have excellent speed remains an EXTERNAL ThunderBolt 3/4 boot drive. They will do over 2000MB/sec if set as boot. The other plus is that when you replace your 2019—which you will—the external drive still works on your next computer.
But all this comes down to the current condition of your Fusion drive, which EtreCheck can help us judge.