You're sort of mixing metaphors. First, different model Macs have different sleep mode capabilities. Normal system sleep and standby modes are different among them, and of course display sleep is a different subject altogether.
Even a sleeping iMac consumes less power than a night light. Completely shutting it down doesn't use much less than that, which leads particularly energy-conscious users to conclude it might be an even better idea to completely disconnect it from power using a power strip for instance. That's a little extreme, since doing that probably causes a Mac to consume more energy by repeatedly starting up from a cold shutdown. Doing that would only make sense if you were to leave a Mac idle for weeks at a time. When there is no power available, an iMac relies upon a battery to preserve the contents of its NVRAM. When that battery becomes depleted, startup will take a long time, caches might need to be rebuilt, certain other operational aspects will be affected, and it's going to cost a lot of money to replace (unless you do it yourself, a tedious task that Apple does not consider approved).
For a through discussion of energy concerns please read the environmental report for your model iMac. Example: https://www.apple.com/environment/pdf/products/desktops/21_5inch_iMac_PER_Oct201 5.pdf
It's best not to mess with pmset to change a Mac's default hibernatemode – why? Because people encounter all kinds of reasons a Mac will or will not enter system sleep or wake when expected, well after they may have forgotten about having changed it. To reset it to defaults, reset the Mac's NVRAM.
About standby on your Mac - Apple Support
About Energy Saver sleep and idle modes in Mac OS X - Apple Support
How Power Nap works on your Mac - Apple Support