And I'm going to disagree with your post! 😁
There are only two worries. One is voltage drop. Assuming that the only item on the extension cords is the iMac, the voltage drop will be less than one volt. That's assuming skinny #18 wire and a whopping 10 amps. Extension cords are commonly #18 and occasionally #16. I can't locate any figures regarding current draw but I can't imagine it to be anywhere near 10 amps.
The other worry is someone accidentally kicking one of the cords and disconnecting it. That's really no different than loss of power from the power company or an overload elsewhere on the circuit causing a blown fuse or circuit breaker trip.
Honestly, I'd be more worried about the toaster because of its high current draw. I've learned never to use the toaster when I have Christmas lights strung about.