Shortly after the transition to Apple Silicon was announced (June 2020), I replaced my 2014 27" Intel iMac with a 2020 27" Intel iMac (August 2020).
To many people this seemed totally illogical, but I remember thinking to myself that I really liked the 27" iMac package, and was not convinced that its Apple Silicon replacement would necessarily be something that I would like, and the pricing on the 2020 Intel iMacs was very attractive.
As it turns out, there is (so far) no direct replacement using Apple Silicon, so I feel like I did the right thing: I am now in a situation where I can be in a holding pattern for at least another 3 years, and wait and see what develops.
I would feel in a real quandary if I had kept my 2014 iMac, with the only current choices being downsizing (24" iMac), less powerful (Mac Mini), more expensive (Studio), or worse monitor (third party 4K).