You Cannot Use the 24-inch iMac as a Target Display (External Monitor)
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iMac M1 2021 review: the all-in-one for almost everyone - The Verge
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Incase anyone ever needs the answer…I have a 27” 2010 iMac working in Target Display Mode with a M1 MacBook Pro using a miniDP to USB C adaptor that's capable of 4k60Hz.
Apple iMac M1 (24-inch, 2021) Review | Trusted Reviews