Depends on how it’s implemented. Anyone using a “media proxy” will see their discord bridged media probably fail to load (outside of possible caches) after a day. Anyone who has their bridge configured to reupload discord media to their homeserver should see no change.
I don’t have a direct source other than the source code of the software they use: https://github.com/mautrix/signal
When using one of their “cloud hosted” bridges, the bridge software (that connects between Matrix/Beeper and other protocols) has to read all message content. Otherwise, it’s impossible to bridge to another protocol. E2EE becomes end (other users) to bridge (beeper) encryption.
With “local hosted” bridges, E2EE stays intact, but messages can’t be sent/received if the device hosting the bridge is unavailable.
In the future, with MLS (a different E2EE protocol), it could be possible to keep E2EE even when bridging to Matrix on cloud hosted bridges.