We have seen in Chapter 1191 that Luffy has "healed" back up to do the Gokoku Sovernity. I think Luffy is still injured and is actually not healed but using his Gear 5 powers to temporarily fight through the pain of the injuries to try a last ditch effort to try and beat Imu. I think we will also see Luffy remark about him being in pain from the injuries in the chapter itself.

Luffy just stated that the only reason he's able to keep fighting with his injuries is because he's in Gear 5, but eventually, he will have to exit out of Gear 5. When that happens, it will force the other characters such as Usopp, Chopper, Ragnir, etc... to jump in and save him. This would also set up a good Usopp observation haki moment, where he can sense that Luffy is in danger.

Every time we have Imu do a great feat or beat down we get prospective from his POV on his internal monologue when went to Elbaf or when he stabbed Luffy so this chapter would be that again before he go against Luffy+Loki and beats them down.

Imu will remember a key event that relates to those with the Will of D as a flashback despite explaining how impossible it is for him to be defeated in his new form due to his Maki.