Same boat, but my iMac is from late 2019 (bought in November, IIRC). And even then it was looking likely (but not as "for sure" as August 2020) that something was in the works. But my 2012 MBP was looking long in the tooth, and like you I'm willing to wait a year or two for the bugs to shake out. And despite the M1 having been subsequently released, the iMac is still a good machine. :)

By the time this machine gets released (if ever; remember, this is "Chinese are in your firmware!" Bloomberg) and gets some reviews, I'll be ready for a new machine.