The only thing that will happen is that you will not be able to view content on the Threads servers through your own server. You'll still be able to see everything that isn't hosted on Threads servers
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That was a relief!
If for example you’re on lemmyworld and they defederate from Threads, you won’t see any Threads content, even if you sub to people on, say, kbinsocial who boost Threads content.
If you view those same profiles from say, shitjustworks, and they haven’t defederated, you will see all of their content plus the Threads content.
I was worried, now I know there's nothing for me to worry about. Thanks for explaining!
Glad I could help!