Whats and IPS monitor??, I didn't consider the screen very important.
IPS (In Plane Switching) is a different panel that goes into a monitor vs your standard TN panel. Colours look a lot more vivid, the viewing angles are better compared to a TN, though it costs more and its response times arent as fast.
Yes, the PC is better than an iMac. But PCs are for one type of people and iMacs for another. However you have made a sensible choice in buying a PC as it has expansion and upgrade possibilities; the iMac does not.