An ASD can be set up as a second display for
an iMac that is compatible. Here's
good general information about connecting them.
While most people would use both screens
together for much more screen R.E., you can mirror the main screen to the ASD and perhaps position it in front of the iMac screen. However, if me, I'd put them side-by-side and have what will essentially be about double the screen R.E.
Depending on the importance of the gaming aspect, you might also want to consider alternative screens (or even a television with "gaming mode"). Gamers usually want
higher refresh rates than ASD offers. Perhaps your iMac keeps being a productivity screen and you get a gamer-oriented screen for gaming?
Also, many games tend to look and play their best on LOWER resolutions than 5K. It's common to have graphics settings at 1080p (HD) or 1440p to maximize various tradeoffs for the best gaming experience.
Neither of those last 2 paragraphs are a great help with the double duty goal of pairing it with the future Apple Studio, which would like a 5K screen like ASD. So you might want to split this thinking into 2 separate screens: a much less expensive, high-refresh-rate, lower-resolution monitor (or TV) dedicated to the gaming push... and then pick up a 5K monitor when you buy the Apple Studio for general purpose computing. Until then, your iMac can keep scratching the latter itch.
And you MIGHT want to even split out the
platform thinking too by picking up a gaming PC for the gaming (so you'll have access to tons of games) vs. hoping the present or future Mac will be a big gaming computer. Yes, there ARE lots of rumors about Apple getting serious about gaming now (and obviously wait for tonight's show) but Apple has gotten "serious about gaming" many times before and not so much came from it.
Apple and Apple fans seem to keep recycling this illusion that building great hardware alone will bring on gaming development when what big games on Apple tech actually needs is lots of
MONEY allocation to drive it (just like MONEY- not hardware advances alone- drives gaming for PC, PS5, XBOX, etc). If Apple doesn't announce an AppleTV+-like business unit with a commensurate
BUDGET and
dedicated staff all put towards Apple gaming, this push should pan out about like the last 5 or 8 gaming pushes by Apple.
A classic Elvis song applies: "A little less conversation, a little more action 💵💵💵 " If it's all talk and no money, game developers will overwhelmingly keep choosing the money-making path even if the hardware
is superior tech for gaming. Apparently, companies other than Apple prioritize profit above all else too?
Meanwhile, PC is quite serious about gaming as evidenced by the multitudes of games available for it and a loaded pipeline of new games coming soon. Key players there like Sony and Microsoft spend tons of money subsidizing AAA game development, buying gaming studios, employing huge staffs dedicated to creating games, etc. If Apple doesn't do something similar, the other players will continue to get the vast majority of games. Follow the money.