I worked for an AASP in the early 00s and I questioned this, considering that previously the logic boards were actually housed behind the display for both PowerPC and Intel models[0]. This does appear to be mostly true[1] (some of the logic board pokes up beyond the chin).
0: https://www.ifixit.com/Teardown/iMac+Intel+27-Inch+EMC+2309+...
1: https://www.ifixit.com/Teardown/iMac+M3+24-Inch+Teardown:+Ap...