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If the new, bigger iMac isn't 30" or greater, I'll just buy the 14" M1 Pro and stick with my old 30" Cinema Displays and continue to use my 27" iMac as a display. I don't do video work so I'm not missing out. i just love the big screens.
Either way, I told myself NOT to buy into Apple Silicon until the 2nd generation at a minimum. That means M2. I don't expect to see an M2 anything until late 2022 which is fine. I know my iMac is getting old, but if there are people running Monterey using OCLP on 2010 Macs, I think I can tolerate it another year or two.
Regarding the 27" versus 30 or 32 inch, I really don't see Apple releasing THREE iMac sizes if the next one is a 27 (meaning there will not be a 32 inch).