PS. Steve23094 (or anybody) would you be so kind and make a practical test: set fan manually to run 2300rpm (or whatever the Apple default maximum is) and game about one hour (some modern game, whatever you like to game). Log the maximum GPU temp with GPU-Z. Then repeat the test by setting fan to maximum 2700rpm and check the same GPU temp (of course restarting the GPU-Z first to reset the logged maximum temp value). Is there any difference? I really liked to see couple of celcius lower temps with max 2700rpm.
I didn't do exactly what you requested. But this is what I observe on my 5k iMac (i5, M295X). Note that I don't use any third party fan control or other tools that might mess with the fans, and I do everything in OSX.
Gaming: Max fan speed 2300rpm (GPU up to 104C), no visible sign of throttling
GPU benchmark: Max fan speed 2300rpm (GPU up to 105C), no visible sign of throttling
Prime95 + GPU benchmark: Fan speed up to 2700rpm, CPU throttles (100C max temp), GPU up to 105C, no sign of GPU throttling
The main message from this for me is that the system will ramp up the fan to 2700rpm if necessary. Does this mean the GPU is fine with 2300rpm, not throttling? I don't know, but it looks like that to me.
Overall one should remember that cooling is limited in an all-in-one. Throttling in max load (GPU+CPU) situations is acceptable, though not optimal. Now, I come from a series of MBPs, so even under full load the noise level and performance is much better on the 5k iMac. Those who come from a 2012/2013 iMac might experience this differently, and I understand that.