Apple Music without iTunes Match will upload it to iCloud and will make it available on your other devices. IIRC it'll convert it to 256 kbps AAC

Lossless files are stored as 256kbps AAC in their cloud. I believe lossy MP3s and AACs are uploaded as-is. (I'm glad that Apple is aware that transcoding is generally a bad thing.)

iTunes also doesn't upload files that don't have a minimum bitrate of 96kbps [1].

[1] https://support.apple.com/en-us/HT203564