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I don't think there is any loss.
Review considerations: https://help.salesforce.com/s/articleView?id=sf.fields_converting_field_to_picklist.htm&type=5
Related: https://salesforce.stackexchange.com/questions/373872/sfdx-is-it-possible-to-change-a-text-field-to-a-picklist
If this information helps, please mark the answer as best. Thank you