you have a 2010 computer with a hard drive and you are a photographer and use photoshop so if thats the drive you use it's getting a lot of wear and tear as photoshop is the king of all swap files.
so yea, I'm recommending you get a new drive for a six year old computer because 3 years is pushing it for some and 5 is like dancing with the devil in the light of the full moon as we say in the IT sector.
If the method you describe above provides you new one go for it because all Hard Drives drives fail, the manufacturers actually tell you hours of user before that should happen but they all fail the majorty of them before that time, and even if your's hasn't, it will. If you already have a backup you are golden and if you dont you should unless you have everything you've done on some other storage somewhere.
Use Time Machine to back up or restore your Mac - Apple Support
for a new drive I recommend OWC, they dont' pay me but they have never been D!Ck$ to me, ever so I send them biz when it's appropriate. You can go new replacement of you current HDD (more storage, slower, vastly cheaper) or change out to an SSD (fast, expensive) and you will need tools to open the iMac, they have videos for your specific make/model mac to show exactaly whats involved before you open up a fresh tub of I can't believe I just f**ked myself!
https://eshop.macsales.com/shop/imacdiy