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Forced arbitration means any legal disputes you may have with Discord must be resolved through a single third party mediator, who 99% of the time is chosen by, and will rule in favor of, the corporation/Discord. This effectively removes all your legal rights as a consumer, because arbitration decisions are legally binding and non-appealable.
The new ToS goes into effect April 15th, 2024.
YOU CAN OPT OUT OF ARBITRATION. You must email arbitration-opt-out@discord.com BEFORE MAY 15TH (30 days after ToS effective date) with your username stating that you wish to opt out of the arbitration clause. Once May 15th passes you are bound to arbitration with Discord forever.
Opt-out before it's too late.
It's impossible to apply this globally; many countries operate under different laws to begin with. This is also stated on the ToS's Limit of Liability section; quoting:
Your best bet is to read the changes and see if any of it is applicable to your country. The linked section pretty much covers it up.
As a reference, in my country it is impossible for companies to force you to a specific arbitrator. Discord can't push this term on me as it would be illegal.