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Sorry my bad that is the K version.
But if the K version is compatible may as well get it.
According to Toms Hardware
"The i7 7700k(stock) is 14% faster than the i7 7700 and after been overclocked is (single core)18% faster and (multi core) is 22% faster. So according to price vs performance still Better value +15%
"
Depends on what you have in your iMac now. Got the Core i5-7600K model? Then I wouldn’t waste the time or expense. Especially, with all that is necessary to take apart the iMac and get to the CPU. Got the lowest end Core i5-7400? Well, then maybe it’s worth it, depending on your workload.