If I were to use a remote node for monero GUI (latest version), would I risk privacy issues? If so, what can be done to minimize these issues? Thanks in advance.
Yes, this is not recommended.
There are several ways using a remote node may impact privacy. They can be separated in two categories: passive attacks and active attacks.
Passive attacks involve just recording what's happening. This can be done by the node owner (if it's not you) or routers on the way, since the daemon connection is unencrypted. While secret keys are never transmitted betwen wallet and daemon, you can still glean some information, such as when you are sending a new transaction, or the last time you had synced your wallet.
Active attacks involve tampering with the connection. By sending invalid data, the daemon can in some cases make the wallet error out sending a transaction, and if the user decides to retry, new ring siblings will be requested, allowing the daemon to deduce the true output.
There are variations of these, and this is one of the reasons why you should run your own node, similarly to why you shouldn't connect to Tor through a remote Tor server, etc. Besides, running your own node adds to the network's decentralization.