At it's basic level it will capture your IP address, but it won't really tie the IP to a user name, and there's not a role lot you can do with it
Attacks I can think of:
target advertising at users in a particular lemmy community
get a collection of IP addresses of people with specific problems or beliefs (indicated by membership in a lemmy community) to target with malware
A VPN would protect you in this case, but you need to be a bit of a privacy nut to also protect yourself from things that identify for advertising right now
Can countermeasures be implemented in the clients to mitigate privacy risks, while not having to proxy images?
At it's basic level it will capture your IP address, but it won't really tie the IP to a user name, and there's not a role lot you can do with it
Attacks I can think of:
A VPN would protect you in this case, but you need to be a bit of a privacy nut to also protect yourself from things that identify for advertising right now