whereas an M2 Max gets either 1445 (30c) or 1758 (38c). So it's fair to say that a top-end 2023 27" iMac, if that form factor were still it to exist, could be adequately covered by the 38c M2 Max. Especially as iMac GPUs were likely down-clocked a little to save power.
...and if you hold your horses for the M3 Max, according to the site you referenced that gets 2880 (30 cores) or 3462 (40 cores) - possibly blender benefits from the hardware ray tracing? YMMV with other software. However, looking at the MacBook Pro Max prices, they suggest that it is going to go up to about $2400 for the base M3 Max (albeit with more RAM and storage than the M2 had). It's a pity that Apple can't roll out its processor upgrades across the line more quickly, although I suspect that the Studio range is likely waiting for the M3 Ultra (or its replacement).
At the end of the day, CTO iMacs with the best GPUs were never great value. The thin chassis placed significant limitations on cooling, so regardless of what you spent on upgrades, you'd wind up with something pretty mid-range.
The other thing about the Studio is that although they're not silent at idle, they're very very quiet and
never get much louder whereas the iMac - although silent at idle - gets quite noisy as soon as you started loading the CPU and GPU.
The value of a 5k iMac has always hung on how much the display and all-in-one-ness are worth
to you. Apple may have made the Studio Display a bit
too expensive, but a 5k display with Apple's "fit and finish" probably wouldn't retail for less than $1000 - that was always the iMac's main "value proposition" - but then not everybody wants a single 27" 5k display, and nothing is worth $1000 if you don't need it. All-in-one is nice and neat... unless you
need lots of external peripherals dangling off the back, at which point the shine starts to rub off. I don't think the people jonesing for a 32"+ iMac have thought through what it is going to be like reaching round the back to plug in a USB cable... So the issue with the iMac was that it was
great if it was
exactly what you wanted, not so great if you wanted something different, such as a 3rd party display or dual display setup. I think the iMac ceased to make sense as the main "power user" Mac option as soon as Apple themselves launched the pro XDR display - something you might well want if you're also shelling out for a powerful GPU (...or there's a 32" 6k Dell that's a bit cheaper).
So there's one group of committed Mac users who bought an iMac because it was everything they wanted, and another group of committed Mac users who bought an iMac because it was the only viable desktop Mac at the time. Count me in the latter group, and I think the current range of Mac Minis and Studios is a massive improvement over what Apple was offering from ~2016-2022. My M1 Studio has been a great upgrade from the highish-end iMac I bought in 2017, and while the dual, matching 4k display set up I use isn't
quite as crisp as the old 5k screen, it is actually far better suited to my needs (and cost well under £1000).