When you hit the button, Discord will receive a request to collect all of your user data. ... When it's ready, we will send a link to download your data to the email address you had when you submitted the request. Changing your email address later will not redirect the download link.

What does Discord data do?

Discord does collect a fair amount of data on its users and says it can share that data with third-parties. Discord says they do not monetize this data -- their business model is based on subscriptions to premium services rather than monetizing data for advertising.

What does use data to improve Discord do?

"Use data to improve Discord" allows us to track user experiences--effectively, what you do on Discord and what features you use the most. Having this on also can lead to being grouped into certain feature experiments. Turning this off disables analytical tracking.