The implications of this information can be broken down as this: By recording your IP address, Discord can track your general location (about as precise as which county you are in). Discord can also tell which devices you use and how much you use those devices, as it uniquely identifies each device and can record your device usage habits, as Discord is usually open in the background so that it can receive messages. Discord also records every single interaction you have with other users through it's service. This means that Discord is confirmed to log every conversation you have through Discord, and record everything that you say on Discord, and view all images you send through Discord. This means that none of your interactions on Discord are private. Discord's policy also contains language such as "Including but not limited to" several times in it's policy, which is an explicit confirmation that Discord contains more spyware features that are not disclosed to the user.
Discord contains intergration features with other spyware platforms
Discord contains the "opt-in" spyware feature called "Social Media Integration". This allows you to "sync" your persistent user identitiy on Discord with your persistent user identitiy on other spyware platforms such as Facebook and/or Twitter. In it's privacy policy, Discord has confirmed that if you opt-in to this spyware feature, Discord will obtain an undisclosed amount of access to information obtained about you by the spyware platforms that you "sync" your persistent user identity with.
Discord contains a process logger