iMovie Storage Across iMac and MacBook

Hi folks. I’m newish to using iMovie and have some videos I’d like to edit. However, my 2020 MacBook Air only has 256GB internal storage. The videos I have total around 500GB.

At present, they are stored on an old 2013 iMac running Catalina I use for storage and a couple of other basic things.

I'd like to use iMovie on my MacBook Air to edit the videos but still store them on the iMac. Is this possible? If so, how?

Thanks!