Let’s hope this is wrong, I have owned in the past and currently one of these machines and I am not sure I could live without it. We also have the new 24” iMac but I don’t see it as a replacement. The new Studio is nice but the price cannot be justified for normal home users. Luckily the 27” iMac still has a few years of lifespan on it so may be Apple will bring it back with M1 or what M-version of the processor we will have in future. 

Apple discontinues the 27-inch iMac | Engadget:

You’re out of luck if you were hoping for a larger, brawnier counterpart to the M1 iMac. Apple has discontinued the 27-inch iMac, leaving last year’s 24-inch M1 model as the only all-in-one in the lineup. If you want to buy a higher-end (but relatively compact) desktop, you’ll have to spring for the new Mac Studio and a monitor to match. We’ve asked Apple for comment on the move.