Reporting back. I ended up purchasing this
cable and it works AWESOME! I have my mid-2010 27" iMac now connected to the 2020 27" iMac. On the 2010, hold Command and the F2 keys to get it to enter target mode. Use the same keys to exit. I am logged out of my 2010, though it might work if i were logged in (haven't tested).
I did run into a minor issue that made me think that this cable setup might not work so I thought I'd share my findings. On the 2020, open System Preferences > Displays, you'll see Built-in Display (that's the 2020), and iMac (that's the 2010). Click on the icon for each of these and configure them individually. If you want to use your 2010 iMac as an 'extended display', select that, AND arrange the two iMac icons to be in the same order (left and/or right) as your physical setup is. I kept trying to move my mouse to the right from the 2020 to the 2010 and couldn't get it to work. What was not clear to me at first is that the iMac icon on the left (in Built-in Display), should be the same as the physical iMac to your left on your physical desk. To rearrange the icons, click on 'Arrange' and drag one icon over the top edge of the other icon to match your physical setup (left and right iMacs). I am VERY, VERY happy with the setup. Hope this helps someone else