I’m considering a new iMac, with a 10th gen i5 or i7 processor, 16GB RAM and 512 GB SSD. I figure I can run programs and plugins on the SSD and use external hard drives for storing files.
You planning on releasing albums commercially? You don't need anywhere near that much horsepower for typical home recording.
I have a 2012 iMac and some friends have a slightly newer one. I've never come close to stressing mine and they have released two full CDs that they recorded at home, sent them out for final mix and mastering.
For an example of just having fun and screwing around, here's a bandmate of mine who has been recording like crazy during the pandemic because he can't gig. He tries to knock off a song a day, just demo quality. I knew he used to just record with a cassette 4-track so I asked him what he used for this Bandlab stuff. He told me got a Chromebook and an iRig interface, probably about $300 invested.
So there's a pretty wide range of options depending on what your goals are.