I have a late-2009 imac 27” and am wondering if I can stretch the use of it until next year when Arm Macs start showing up.
Usage is in Keynote, Sketch, Affinity Designer (like Illustrator), and Pages.
I believe the processor is still capable as I went with a quad core i7 at the time.
Internal drive is spinner, so I would like to boot to external SSD. Would this arrangement give me a speed advantage?
Depends. You are currently using it... if it survives and you're happy with the performance keep using it.
Just because its an i7 doesn't mean it is the same as a current i7. It's still 11 years old and time (and instructions for new media types, etc.) have moved on.
There have been significant improvements.
Booting from an external SSD will help, yes.