Fortunately, the memory in the 27-inch iMac is user-replaceable thanks to the easily-accessible memory backdoor slot, and there are far more affordable options available from third parties.
OWC offers 128GB of DDR4 PC4-21300 RAM that's compatible with the 27-inch iMac.
These are the OWC memory upgrade kits available, compared to the prices that you'd pay when purchasing an iMac from Apple:.
Apple provides instructions for users wanting to install memory in an iMac.
Note that the RAM in the 21.5-inch iMac models, which were not updated yesterday other than a change to the base storage configuration, is not user-accessible?