You will want complete and current backups, whether Time Machine or otherwise. This as your data is the most important part of this configuration, and slowdowns can be associated with corruptions and with hardware problems.
Some hardware-related background, first.
Some background on performance, though a correctly-functioning Fusion will sprint better than the HDD discussed in the following:
How to use an external storage device to boot:
This’ll probably involve an external USB 3.x storage device, not Thunderbolt. Your iMac does have Thunderbolt and it is faster than USB 3.x, but spending on Thunderbolt storage hardware here seems less appropriate than spending on a newer iMac or Mac mini.
But….
Whether a USB 3.x SSD helps here is not clear, as this could be a Fusion problem, or insufficient physical memory, or something else such as add-on apps. And I wouldn’t expect a big performance boost over a correctly-working Fusion, in what might be an iMac with a minimal memory configuration.
What to do? Well, let’s see the configuration…
As for other potential causes of degraded performance, some add-on apps can get involved, and insufficient hardware resources as mentioned too. Here, please download and run EtreCheck (the free version, don’t need the paid version here), and share the results to the clipboard. Then open a new reply here, and press the Additional Text button (the button that looks like a printed page), and paste and post the hardware and software configuration report here. From that, we can get a little more detail about what is installed and what is running here.

Then (depending on what the report shows) maybe a check of the storage diagnostic data.
As for Artificial Inanity…
AI is the canonical example of “trust, but verify”. Or all too often don’t trust, and do verify. All sorts of sycophancy and other sorts of “fun” can be awaiting there.