Airplay Mirroring and Universal Control possible simultaneously?

I just got a new M4 MacBook and it's a powerhouse, and if I plug it into the beautiful 5K 27" iMac 2020 via thunderbolt, the screen mirroring is almost latency free. Very close to the old Target Display Mode experience. Also awesome is Universal Control allowing me to just swipe my pointer across to the MacBook and control it with my iMac's Magic Mouse and keyboard. When you do this though it becomes immediately obvious that the ultimate setup is controlling the MacBook with the iMac mouse and keyboard AND using it as a display. But these options are mutually exclusive. One disables the other. Is there any way or workaround? Or would this just be way too awesome to be allowed, being that it deters people from having to buy 5K Apple Cinema Display? I know I can use Screen Sharing, but VNC protocol is old and no where near the quality and low latency experience as Air Play. Not to mention, there's no sound.