It would seem that my new 2021 MBP and universal control is quite capable, however extending the display to my late 2015 iMac to use it as a secondary 5k display is still not a reality.
I have understood that this has never been possible before, but with the new universal control feature, it really sounded like it was going to be. Alas, I still cannot use the iMac as an extended display from the new MacBook Pro.
Will this continue to always be impossible? Will this be a possibility once universal control is out of BETA status? Seeing how this can be accomplished by other means, sure seems like this limitation is a choice by the developers and not an insurmountable limitation of old designs being incapable of new tasks...