Looks like the Apple silicon iMacs will have their own GPUs as well. It seems AMD is not accounted for in the ARM version of macOS.
https://www.macrumors.com/2020/08/31/apple-silicon-imac-custom-gpu-2021/
Seems like Apple is done with third-party CPU and GPUs. And eGPU support will likely be gone as well (unless AMD releases MacOS ARM drivers, which they might). Apple has promised to continue supporting thunderbolt in ARM macs.
Unlike Apple CPUs which are very competitive with Intel/AMD, Apple's GPUs are not there yet compared to Nvidia and AMD. However, Apple never actually used the fastest GPUs in their Mac products. All they need to do is to match or exceed Radeon 5700XT with this new iMac which is the fastest GPU in a Mac right now.
Apple hasn't proven that they can make competitive GPUs, but I'd be really excited if they did. We're getting very good competition in the CPU space with the revival of AMD and Apple/ARM closing down the gap with Intel/x86, it's about time we got some good competition in the GPU space as well.