My wife was using the same Mac model as yours, a late 2015 iMac with an internal HDD (mechanical drive). With Monterey it was close to unusable. We replaced her internal mechanical drive with a Samsung SSD (internal drive) and it has increased in speed by more than 10x (as measured by boot time, time to open applications, load web pages, etc.). It boots up in seconds instead of minutes. It used to take one to several minutes just to shut down, now it shuts down in 4 seconds. Browsers, software like MS-Word, etc. all open in a second or two now.
I am using this rejuvenated 2015 iMac myself now, and we got her a new M1 iMac, which performs spectacularly compared to what she was used to. But the 2015 iMac now is very peppy. The problem with the 2015 iMac is that it won't be able to run the next version of the MacOS after Monterey, Monterey is as far as it can go. But with an SSD boot drive (internal or external) you will get another several years of good use. The cost of replacing the internal drive with a 1 TB SSD (internal) was under $200, which includes the cost of the internal SSD plus labor by an Apple Authorized Service Provider to swap out the drives. I wanted the internal SSD for booting, not an external SSD. If you go with an external SSD, you would save about $50 over what I paid for the internal drive replacement. Also, a smaller capacity SSD is another way to save a little money if you go this route. I wanted the full 1 TB so I would not have to worry about disk space.
A new M1 iMac 24" currently costs between $1300 (low end) and $2000 (high end). So a peppy iMac, even if 2015, is much less expensive at ~ $200 for the upgrade. You do have options here.
One last thing -- your iMac's slowness sounds much worse than what we saw when we had our original HDD. Whatever option you pick, I suggest you migrate only your user files to the new drive, then reinstall your software fresh. Also, you have Trusteer security software, is that really necessary? Is it compatible with Monterey?