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It will not.I’ve been to this link. What I can’t find an answer for is will the music that’s matched in the cloud in your library be lossless as well.
https://www.macrumors.com/guide/apple-music-lossless/
Lossless Audio Songs
At launch, 20 million songs supported lossless quality, with Apple planning to bring support to all 75 million+ songs on Apple Music by the end of 2021.
The feature is limited to Apple Music streaming subscribers. Lossless quality will not be available for iTunes purchases and there is no way to upgrade owned music to lossless via iTunes Match.