So; after wondering whether to go for a 2020 21.5" iMac over a 27" 5k 2019 iMac; I did the right thing (IMO) and bought the 27" iMac with the 5k display 
Yes it's got the 1TB FusionDrive but TBH it's performing superbly for me as I'm really just a standard user (so MS Outlook, Word, Excel and Adobe PDF; iTunes/TV and Chrome & Safari browsers etc)
I've fitted an extra 16GB Crucial RAM; so it's now running 24GB RAM and I may look to run an external 256GB SSD as the boot drive, if I feel I need this; but for now, it's running superbly and isn't slow in any way
Quick pic of my set-up:

Yes it's got the 1TB FusionDrive but TBH it's performing superbly for me as I'm really just a standard user (so MS Outlook, Word, Excel and Adobe PDF; iTunes/TV and Chrome & Safari browsers etc)
I've fitted an extra 16GB Crucial RAM; so it's now running 24GB RAM and I may look to run an external 256GB SSD as the boot drive, if I feel I need this; but for now, it's running superbly and isn't slow in any way
Quick pic of my set-up:

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