Any update for an iPhone 13 Pro will get you iOS 18.5. Which is current.
Which macOS versions are supported depends on which iMac model and year.
Yes, there are known issues with older versions. Whether those will affect you, or what other risks you might have, nobody here knows.
Security issues are different from other sorts of bugs though, as even obscure security issues can and variously do become endemic over time, where more mundane sorts of bugs usually involve only specific configurations, and those conditions don’t become more commonly triggered.
If you want to risk this (and it’ll probably be a minor risk to start, and that risk will probably increase as the versions age out), have backups. Preferably with some backups kept offsite.
You’ll have similar issues arising with network connections over time, as connection security requirements are incrementally increased by websites and services being accessed. macOS 10.13 and 10.14 are getting dicy for instance, but how fast newer versions will fall off acceptable connection security is not known and not predictable.