No. M1 has never been thermally limited except for the MacBook Air. Also, a stronger power supply doesn't magically make the M1 faster. The iMacs will perform identical to a M1 Mac Mini or MacBook Pro.
The hardware inside the new iMac will consume roughly 80 to 90 watts with full screen brightness. Likely Apple went for a larger power supply so they can re-use it later when more beefy processors are available. Also, having a stronger power supply than needed can be good from an efficiency perspective.