No. The last iMac to support Target Display Mode was the 2014 model. And even then, the iMac would need to be running High Sierra or earlier, and the Mac Studio would need to be on Catalina or earlier...which, obviously, is not possible.
Will it be possible to use the new iMac 4.5k as a monitor for the mac studio? Would it require any additional softwares or it can work directly out of the box?