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As always with any technical question, the correct answer is: It depends.
From my experience HDD still works great with any vintage Mac OS X. I would not waste SSD on a vintage OS.
As I recently bought a 27" Late 2012 iMac with 1TB HDD, I have a similar dilemma in regards of the HDD/SSD. What is the consensus(if any) on the TRIM support on the externally connected(via USB) SSD's?
 
"As I recently bought a 27" Late 2012 iMac with 1TB HDD, I have a similar dilemma in regards of the HDD/SSD. What is the consensus(if any) on the TRIM support on the externally connected(via USB) SSD's?"

I booted and ran my 2012 Mini from a USB3 SSD for SIX YEARS -- right from the first day I took it out of the box. It's still running that way on the back table.

TRIM was NEVER an issue.

To extend the life of a 2012 iMac for a few years, a USB3 SSD set up as an external boot drive will be "all you need"...
 
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"As I recently bought a 27" Late 2012 iMac with 1TB HDD, I have a similar dilemma in regards of the HDD/SSD. What is the consensus(if any) on the TRIM support on the externally connected(via USB) SSD's?"

I booted and ran my 2012 Mini from a USB3 SSD for SIX YEARS -- right from the first day I took it out of the box. It's still running that way on the back table.

TRIM was NEVER an issue.

To extend the life of a 2012 iMac for a few years, a USB3 SSD set up as an external boot drive will be "all you need"...

Thanks. This is what I wanted to hear as I was not looking forward to do an internal HDD/SSD upgrade.

Just for an experiment I created a 250GB partition on the original 1TB 7200RPM HDD(not a fusion), formatted as APFS and installed Mojave with the SU 2020-005. I have to say that I am very impressed with the performance so far. I am a fairly light user though and don't have a heavy FCP timelines to work with.
 
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