The problem with measuring the decibels, is that it depends on exactly where and how far from the vent you measure the noise.
I measured the loudness using my Apple watch (which I don't think is very accurate) near the round hole in the back of the iMac stand, and my 2020 iMac measured about 2dB louder than my 2014 iMac, both running at 1200 rpm. (2020 iMac ~35dB, 2014 iMac ~33 dB, room ambient baseline ~31 dB)
My 2020 iMac I can just barely hear from a sitting position in a quiet room. My 2014 iMac was inaudible to me at a sitting position (both running at idle 1200 rpm).
The issue appears to be that different 2020 iMacs appear to have different sounding fans, with no consistency. That combined with different people having different sensitivity and/or different ambient environments, makes it impossible to predict whether it will be acceptable to an individual or not.