Long and detailed.
Real world experience with the new Macs has sunk in. They are fast. Real fast. But why? What is the magic?
debugger.medium.com
Yes, but it starts with "On YouTube, I watched a Mac user who had bought an iMac last year. It was maxed out with 40 GB of RAM costing him about $4,000". That doesn't fill me with confidence about his technical abilities or the YouTuber.
A 2020 iMac maxes out at 128GB, a 40GB memory configuration suggests that the YouTuber bought another 32GB of third party RAM and kept the original 8GB stick it shipped with in the machine. This is not a smart thing to do if you care about performance. You need to use matched RAM sticks in the slots. I installed 2 32GB sticks in my iMac and removed the original 8GB. Adding another 2 32GB sticks would improve the performance. This highlights one major advantage of the M1 Macs over the 2020 Intel iMacs, you can't screw up the RAM configuration.
The M1 Macs do have higher single core performance than the 2020 iMacs and a big part of that is the memory architecture. As dmccloud suggests the memory bandwidth is key to its performance. If the YouTuber was running tests that took advantage of that, that might account for his disbelief. A lot of workloads are single threaded.
However a $4000 iMac properly configured has performance advantages over that $700 iMac Mini. It would probably have a least 64GB of RAM, 16GB of Video RAM and higher multicore and GPU performance. It would also a better selection of I/O ports and support 100GB ethernet.