Just my opinion, but Apple could still release an M2 iMac 27”.
Note that when John T referred to the Mac Pro being the last Mac to complete the transition, he’s referring to existing products.
The fact that Apple discontinued the existing 27” iMac speaks about how much more value is in Mac Studio. Yes, the iMac had a cheaper entry price for the complete setup, but I believe Apple is shifting its focus here.
Apple still sells the "higher end" Mac mini with Intel processors. That suggests that they will get updated, perhaps with the M1 Pro or M2 Pro. That, plus the Apple Studio Display, would essentially be a replacement for the 27" Intel iMac.