What about Time Machine?

If the new computer is going to be the Apple Silicon M1 / M2 Equipped Computer - would suggest Only Migrating the User Account and nothing more.

Some have had success and others have been left with a mess when Migrating everything.

1 - Apple Silicon with either Big Sur macOS 11 or Monterey macOS 12 Only Support everything 64 bit and there is no workaround.

2 - Issues that may exist on the older computer will be migrated to the New Computer. This would badly pollute the new Original and Pristine installation of the new OS.

3 -  Applications, extensions and Software Drivers may or may not even work on the new computer.

4 - IMHO - it would be best to only install new application etc Directly from the Developer or the Apple Apps Store.

5 - Due Diligence on New Applications and make sure they are Monterey / Big Sur compatible and factor in the ARMs CPU of the Apple Silicon Computer  

jslr.2 wrote:

CanoTime Machine be used to transfer from my old iMac to a new iMac?

It certainly can. Indeed, it is the easiest way to do it. Attach the TM drive to the new mac and either choose to use that when setting up the new mac, or if you already did that, use the Migration Assistant to do it.

NOTE: Import ONLY the user accounts. You don't want to bring old stuff that may cause trouble in your shiny new mac, especially if you are transitioning to a new architecture like from Intel to M1.

Move your content to a new Mac - Apple Support