WARNING TO ALL WITH THIS MODEL.
Count your lucky stars that your firmware has not updated properly because on one of my 2 x Late 2015 i7 4.0gHz iMacs, I updated to Monterey and the firmware did successfully update with no extra effort required.....BUUUT...
I can go into further detail, but in a nutshell, the very newest firmware supplied with Monterey IM171.88Z.F000.B00.2203161718 [Last numbers in EFI equating to 16th March 2022](451.120.7.0.0) has significantly reduced the performance of the machine. I have tried swapping EVERYTHING, 1 at a time, between the good machine to the bad. And it all leads to the logic board and the firmware which is now irrevocably flashed to it.
For reference, my good machine is running an earlier version of Catalina 15.7 from Feb 2021 from an "Install MacOS Catalina" bootable image I luckily saved (no longer available from Apple officially) before realising the next update of Catalina also had some ridiculous issues, so I managed to revert to what I'd consider the last, golden update for this model. And the EFI firmware/BOOT ROM version is showing as IM171.88Z.F000.B00.2102262339 (429.100.7.0.0). Last number in EFI equating to 26th Feb 2021.
Honestly, after monitoring and logging via iStat and Stats, the differences are HUGE. It seems as if they've fully abandoned support for the firmware and just done their usual subtle planned obsolescence, this time by deploying a final(?) half-assed firmware update.
It seems to create a bottleneck in the whole system by limiting the full interfacing of the pcie/nvme SSD, whether that be a lane bandwidth issue or an internal SSD caching issue, in OEM (AND) 3rd party blade SSDs!
As I say, I can provide data as proof but just take my word for it. I've also tried around 8 different SSDs, varying from the original SSD that came in it from factory, to OWC X2 who claim guarantee to work, to most Samsung aftermarket models(970,980,970evo,970evo plus, 980 pro), WD blacks, blues, you name it. Most let you install the OS and will migrate the data fine. And will tend to appear to work pretty slick on basic tasks like browsing, videos, etc. But as soon as you try to do some CPU intensive tasks, like stream via OBS, it just gets completely overwhelmed and majorly struggles to multitask.
The weird part is that using BlackMagic Disk Speed test on all of the 3rd party SSDs yields great results! Circa 2500Mb/s read/write on average, some 3000+. But it just doesn't perform well at all in practice.
Tried all types of RAM, OEM, OWC, bla bla...all possible versions of macOS, fresh installs, time machine restores....but firmware just cannot go backwards..
Tried swapping peripherals, USB hubs, nothing plugged in....all the same outcome.
Compare that to my other machine of exact same spec, running a Samsung 970 EVO Plus 1TB, and it can run multiple processes at once without breaking a sweat. OBS, Ableton, Logic Pro,5 separate web browsers....
E.g. OBS runs at around 6-12% CPU, even with other tasks running, on a high load scene on my good iMac while streaming AND recording.
The bad iMac board runs at around 60+% CPU load with OBS open alone! Which spikes up and down hitting 100% load frequently!
I think I have tried everything I can think of anyway, open to more suggestions, but I bet I've tried it.
In the meantime, I await arrival of another machine of same spec I've sourced which the owner confirmed is stuck at the fabled 170.00.... even though he updated to Monterey, so fingers crossed!
So in conclusion, I'd personally be thankful if my iMac 27 inch 5K Late 2015 firmware is not in fact updating fully!! If it ain't broke.......