From "The Horses Mouth" (once it was fed and groomed in a private barn with numerous assistants):
QUOTE
Storage
Configure your iMac with a large Serial ATA hard drive, choose ultrafast SSD storage for incredible performance, or get the best combination of speed and capacity by selecting Fusion Drive.
SSD Storage
SSD storage delivers significantly improved performance compared to a traditional hard drive — speed you’ll notice when you start up your iMac, launch an app, or browse your photo library. SSD storage also uses no moving parts, so it operates silently. For maximum performance, you can configure up to 1TB of storage on the 21.5-inch iMac or up to 2TB on the 27-inch iMac.
Fusion Drive
Fusion Drive combines speedy SSD storage with a high-capacity hard drive. macOS intelligently manages what goes where, using the SSD storage for files you access frequently and keeping the rest of your digital life on the roomier hard drive. Over time, the system learns how you work, so it tailors management of Fusion Drive to work best for you. You can choose a Fusion Drive of up to 1TB on the 21.5-inch iMac and up to 3TB on the 27-inch iMac.
The 1TB Fusion Drive pairs a 1TB hard drive with 32GB of fast SSD — enough to store important macOS files and applications to ensure fast startup, near instant wake from sleep, and quick application launching, with room left over for your most frequently used files and apps. The 2TB and 3TB Fusion Drives pair a larger hard drive with 128GB of fast SSD storage, providing even more space for your most frequently used files. For the best performance, iMac systems with 32GB or more of memory should be configured with a 2TB or larger Fusion Drive or all-SSD storage.
The 2TB Fusions are a $200 choice, 3TB adds $300.
Other sites, of varying years, indicate that Apple seems to reserve more of the SSD space for its own use than might be desired. One reason was to store the image created at Shutdown which could be too large on a higher speced Mac. That would result in the HD being used and return to the slower bootups of non-SSD machines.
I am also told that the 21" models use 2.5 in drives which are 5400 rpm. The 27" use 3.5, 7200 models (apparently Seagate). I'm still researching this info...