Mid 2007 iMac 24" finally just needs to be scrapped? or is there anything to be done to upgrade it?

Some websites will insist upon a newer browser, but that Mac's version of Safari is certainly capable of secure connections. Most websites use SSL including this one.

Other services requiring secure connections including the Mac App store work fine. Certain financial sites (for example) will not load though, nor will recent versions of Microsoft Exchange work with Mail. No problem with iCloud or any of its services.

If that version of Safari does not work for websites that demand newer browsers, Firefox might:

It is their "extended support release" which evokes "life support" 😀 so who knows how long they will continue to support it.

Brave won't work.

The SSD in yours probably goes a long way toward mitigating the effects of limited RAM. Installing 6 GB in this one made a big difference whereas it was almost unusable with its original configuration (2 GB as I recall).

It performs well even with its original 500 GB spinning hard disk, with separate partitions for El Cap, Snow Leopard, and Ubuntu Linux.

Of course 6 GB is unsupported so unexpected things might happen, but its age puts it well into the "hobbyist" category where you should expect the unexpected.

Along those lines it is also capable of running Linux in a dual boot configuration, so that's another diversion you can experiment with.

If the iMac still does what you need it to do, then there is no need to get rid of it. But as you seem to already know, it cannot be upgraded to anything resembling a modern secure computer. Mac OS X 10.11.6 El Capitan is the most current OS available for it, and that is no longer serviced or updated by Apple.

It will be difficult to continue to connect securely to sites on the internet, even with third party browsers, assuming you can find anything still being updated to run on that OS.

I love my old Macs, too, but they all do reach a point that it becomes necessary to upgrade. That sixteen (!) year old Mac has served you well. You don't have to get rid of it, but it's probably time to relegate it to second-tier or hobby status.

Besides, getting a shiny new iMac is always fun.🙂👍🏽

👍 what D.I. Johnson wrote.

Is there something specific that you are unable to do with that Mac?

How much RAM? I have one with its original spinning hard disk drive, but its RAM has been upgraded to 6 GB. It runs fine, but there are certain limitations that cannot be overcome.

The Linux option @John Galt suggests is a very good one as you will have access to the current versions of the popular web browsers and access to lots of free & open source software in the Linux distribution's software repositories (kind of like the App Store). While Linux works best with 4GB or more of RAM, Linux should run Ok with 3GB of RAM (I was able to use an old Mac with Linux which only had 2GB of RAM a portion of which was shared with the GPU and I was able to have two or three browser tabs open...did not have anything else open). Linux is not for everyone though and it does require you to learn a new OS.

Linux Mint is a good option as it is easier to use and install on a Mac and looks nice. A co-worker installs Linux Mint on our older Macs which are given out to the less fortunate in our local community. Linux does require you to learn a new OS, but once setup & configured, it will just work until it is time to upgrade to a newer version. You can even test drive Linux Mint to see what it is like without installing it since the Linux Mint USB installer has a "Live" option, although this will perform very slowly from a USB stick and the USB2 ports, but it will give you an idea of what to expect. The only thing I recall when using Linux on such an old Mac is some of them may require you to save the iSight camera firmware file from macOS so you can use it with Linux to have a working iSight camera.

If you decide to try out Linux Mint, I highly recommend you first create a bootable macOS 10.11 USB installer while you can still boot macOS on this iMac so that you can easily reinstall macOS if you decide Linux is not for you (or if something goes wrong trying to dual boot macOS & Linux). I also highly recommend making sure you have a good backup if this Mac still contains important data (also make sure at least one backup is available that can be accessed by any computer or OS).

The only downside with Linux is most popular proprietary apps (Adobe, MS Office, and others) are not available on Linux (browser versions may work), but there are usually alternatives available to perform similar functions.

No matter what you do with the hardware, the last support operating system is OS X 10.11.x.