Refurbished iMac M1

When ordering a refurbed M1 iMac, do you receive a current production spec iMac or an early production iMac?

I once purchased from Apple a refurbished white iBook G3 (circa 2002) and after the purchase found through this community that the G3 iBooks had video board issues. Apparently in my case, the iBook was refurbished by replacing the same video board as when manufactured, and the board subsequently failed again about a few months after warranty expired. Apple did replace the board and it too eventually failed in the same manner.

So when you buy a M1 iMac do you receive components that are the same as current production or just replacements of the original parts that prematurely failed (the reason for being refurbished)?