The USB-C Power Delivery standard allows two devices to negotiate delivery of large amounts of power in either direction. The original standard allowed for delivery of up to 100W of power (5A @ 20V). The latest one permits delivery of up to 240W of power (5A @ 48V).
That does not mean that a computer port is required to negotiate the delivery of any power.
I believe that
- USB 2 host ports are supposed to supply 2.5W (0.5A of 5V power)
- USB 3 host ports are supposed to supply 4.5W (0.9A of 5V power)
- USB-C (Thunderbolt 3) hosts are supposed to supply 15W on the "first" Thunderbolt 3 port, and at least 7.5W on the other Thunderbolt 3 ports (with a footnote saying that supplying less than 15W on the other ports may cause problems for some Thunderbolt peripherals). I don't know if this is just for Thunderbolt devices.
- Thunderbolt 4 increases the requirement to 15W on all Thunderbolt ports (no 7.5W "loophole")
All 24" M1 iMacs have two USB-C (Thunderbolt 3) ports, and some of them have two USB-C (USB 3 only) ports. As Apple has not said that iMacs are willing to negotiate dellvery of 30W to any accessory, my assumption is that you will not be able to fast-charge your iPhone off your iMac. Charge, yes; fast-charge, no.