iCloud Photos is not a true backup service; it is a syncing service. If you delete a photo from your iMac, it will also be deleted from iCloud (and vice versa). To have two safe, independent copies, the library on your Mac must be fully downloaded so you can then copy it to an external hard drive.
1. Check the Photos app settings
Let's make sure the correct option is definitely selected:
Open the Photos app on your iMac.
In the menu bar at the top, select Photos > Settings (or Preferences on older macOS versions).
Click on the iCloud tab.
Make sure Download Originals to this Mac is checked.
2. Check the real-time download status
Inside the Photos app, click on Library in the left sidebar.
Select the All Photos tab.
Scroll all the way down to the very bottom of your photos.
Here you will see a line of text indicating the status. If it says "Paused" or "Downloading [X] items", your Mac is still downloading the full-resolution versions. If it is paused, click Resume.
3. How to force the download of originals
If the status says "Updated" but you are certain the original files are missing, you can force the Mac to re-verify the entire library:
Close the Photos app.
Press and hold the Option (⌥) + Command (⌘) keys on your keyboard, then open the Photos app.
A window will appear asking you to start the Library Repair. Click Repair.
This process will re-analyze the library, fix any discrepancies, and force your Mac to download any missing full-resolution originals from iCloud.
4. Creating the actual "Second Copy" (The Real Backup)
Once the download of the originals onto your Mac is complete (you will know when it says so at the bottom of the "All Photos" tab), you will have one copy synced in iCloud and one full copy on your iMac.
To turn this into a truly secure, independent backup:
Close the Photos app.
Open Finder and go to your Pictures folder.
Grab your Photos Library file (Photos Library.photoslibrary) and copy it manually to a spacious external hard drive.
By doing this, you will have one synced copy in the cloud, one working copy on your Mac, and a safe, static backup copy on your external hard drive.