Your storage— the usual cause of slow iMacs— is transferring data on the nominals, and is healthy. But SSDs need some room to work so I would not let it get any fuller than it is today. Maybe you don't need 500GB of downloaded files! 😳
I see too many issues here CAUSED by ill-advised reinstalling of the OS. Regardless of if that is from user error or something else, I tend to make it a "last resort" step. I've used Macs since 1989 and the ONLY macOS version where i had need to do the old "Archive and install" for problem corrections was on macOS 10.2 "Jaguar." That was a looong time ago and I've not had to reinstall since.
Backups: I use both Time Machine and Carbon Copy Cloner at all times on my two mission-critical Macs. Belt + suspenders, ya know.
The first thing I would try is ejecting and disconnecting your external drives for testing to make sure they are not contributing. The WD is getting full. If it is a scratch disk, that could be a slowdown as the app tries to find free blocks to write.
Most big apps will casue the High CPU use flag but it is not a big issue for me. However, look at how many of your third-party apps and utilities show crashes and hangs. A review of "what I must-have" might be in order.