If the default boot disk is not set, then booting typically will take a bit longer (because no default is set, and the firmware picks a boot disk after a brief search. Selecting the boot disk in Startup Disk pane simply bypasses the search.)
Your iMac will still boot, without any intervention on your part. It may simply take a bit longer. Selecting the startup disk pane avoids that small delay on boot. And, if your iMac somehow ignores all possible boot disks (won't happen, it will boot to something), then you can simply hold the Option key, and choose your boot disk from the boot manager screen.
But, you should still check for a boot disk selection, just to make sure that is not contributing to a boot delay.