hi @fearlessfrog 
i had the same issue - to continue to use giphy, you need to delete the theme component completely (disabling isn’t enough), then set the admin -> upcoming changes → enable gifs setting to “no one”. then re-install a fork of the component again to use it - team is archiving their version soon. i have a fork of the component here you can use.
uninstall old component:
disable the setting in admin-upcoming changes
i really don’t know why the team did it this way, but it is horribly confusing and took me a while to figure it out (thanks to Moin’s explanation) - it is very unfriendly to self-hosters. at some point i will probably just re-build the fork as my own component without the other unnecessary fields and files, but i will set up an admin banner message when that happens.
note to team: the Discourse Gifs component is still listed in default component install page:
