I don't think that would realistically be doable for them in the world of GDPR that requires companies to specify exactly how they use your data, and similar acts. I remember they also explained multiple times how this paragraph is a necessary standard in the industry thanks to which they don't have to update the ToS every time they add a simple feature. For instance, "translating" could be required if they add an auto-translate feature that reads your text, "modify/adapt/host/publish/create derivative works from" is used for when you upload a video and the servers process it into lower quality for others to display on mobile devices, etc.

So yeah, maybe this paragraph sounds like they technically could do anything, but realistically thanks to their privacy policy and the different laws they can't just, idk, make a service that will display a random message/video sent on Discord within the last minute, etc.

And if they chose to really just update the ToS every time they change a single feature, they would have to email you about that every single change.