This initial answer is wrong but corrected by the subsequent posts. The iMac mi-2010 can be upgraded by all means: more RAM, SSD instead of HD, CPU (socket 1155 as long as the TDP is not too high) and a large choice of GPUs.
You will easily find pre-flashed for Mac GPUs. Installation is not trivial but not too difficult either, it just takes some time and follow cautiously the guide on iFixIt.
Keep in mind that to update macos to more recent versions, you will need OpenCore LegacyPatcher. Lots of information is available on the web on these topics…
This being said the architecture of the mid-2020 iMac is somewhat limiting, for instance the SSD can only work at 3 Gigabits instead of 6 on the following generation which takes a toll on the overall performance.
If you are going to open the iMac all the way to the GPU replacement, you might as well replace the i3 by an i5 (an i7 will not buy you much more performance).
Overall you may find it more effective to buy a 2013 iMac and only replace its GPU
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