It's behavior is no different from Windows 10 telemetry. The keyboard does not even work if you disable one of the underlying telemetry services in the app (if you have a rooted device).
edit: apparently wrong/outdated information.
For Discord, while they initially used Giphy and has a /giphy command, it now uses Tenor too in the GIF picker.
There's also all kinds of shenanigans that they can play in the process of serving that request to harvest other meta data and help fingerprint you. Which Giphy's privacy policy mentions is already done to an extent, in the form of dropping cookies while servicing your request. Cookie abuse itself is a bit of a losing battle, as browser vendors increasingly layer on limitations and restrictions for cookies. But they're far from the only method of fingerprinting possible during the servicing of a web request.