I have used my display now for about a week and a half playing video games and movies. I have added an P3 color profile and I run it at 10bits HDR over an DP 1.4 cable from my Win 11 PC with an RTX 3080Ti. I am very happy I have the R1811 card with a full 24V power supply as I have no issues with background light or other display anomalies reported by some users.
My setup is; original iMac 2017 speakers, original iMac 2017 PSU. I added a 12V to 24V step-up converter & 15A automatic fuse from Amazon and the cross-over filters that StoneTaskin provides. I also disregarded the "replacement" adhesive kit from Amazon and went for real Chinese made "3M" foam tape which very closely mimics the original Apple foam tape. See a full image of my setup just before I attached the display here:
I did re-use the built-in power button as well, cutting its wire just after it leaves the left speaker, then soldering on an extension cable that is then soldered onto the power button on the control board, effectively leaving me with two options for turning on and off the monitor (the original power button and the control board power button).
I also shorted the remaining power switch lead that is connected to the original PSU, effectively faking a continuously pressed power button for the PSU to detect. I wrapped the control board in shrink wrap to avoid and electrical contact and to make it slightly more usable. It hangs down beneath the monitor and is easily accessible where I sit. See a close-up of it here:

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The extension cables for DP, HDMI, USB C and the control board are routed through a hole I dremeled in the ventilation grille. The hole is hidden by the VESA stand (see detail image here:

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I used these products:
https://www.amazon.se/dp/B088ZMK5SF Opening tool + completely useless adhesives which I did not use
https://www.amazon.se/dp/B08LBZ8KGL "3M" foam tape
https://www.amazon.se/dp/B0DJT18MGV USB C extension cable
https://www.amazon.se/dp/B0BG76RM65 12V to 24V step-up converter, I oversized it to "480 chinese Watts" because I understood they get very hot if you load them at full capacity, mine does not even heat up the display.
https://www.amazon.se/dp/B09248MY72 15A automatic circuit breaker
https://www.amazon.se/dp/B0D7GY7LZH HDMI 4K extension cable
https://www.amazon.se/dp/B0DMTKGJL5 DP 8K extension cable
various XT60 connectors to make simple the connections between step-up converter and original Apple PSU and the auto fuse.
https://www.amazon.de/dp/B0160BQA06 VESA Mount adapter (note require original monitor stand to be removed, see
https://ohmypizza.com/2023/06/vesa-mounting-the-imac-5k-external-display for instructions how to fit this VESA adapter)
I would truly recommend the R1811 V4 card as it is silent and a clear winner in display quality using a P3 color profile. Also, the 24V input with a beefy enough PSU eliminates the need for a constant power driver board for the backlighting.
I have one issue with my installation and that is if I stand up from my seat, the screen turns off for just a second and then back on. I do not even touch anything except air. I have tried waving my arms and pushing air in front of the screen but nothing happens, but if I stand up from my chair the screen goes black and the green LED from the control board goes red, and then back to green and the display comes back on. I have not figured out why and so far I am guessing it is some kind of proximity sensor built into the iMac that tells the original PSU to shutdown, but because I have hardwired the original power button to be constantly on it is "pressing" it back on thus resuming function. Any ideas here as to what could cause the temporary black screen by just standing up in front of the screen?