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WhatsApp uses Signal’s encryption and according to https://signal.org/blog/there-is-no-whatsapp-backdoor/ has no backdoor.
The privacy concerns are not that Meta will read your messages (because they can’t, as you mention), but the metadata they can read such as your details and who you contact.
https://foundation.mozilla.org/en/blog/a-cheat-sheet-for-whatsapp-privacy/
Every provider of communication services can. Singling out WhatsApp in that regard makes no sense. Apple happily hands over metadata and iCloud backups to the FBI.
Signal does not, since they use Sealed Sender.
So Signal’s corporate customers (like Meta with WhatsApp) do the same then?
Ultimately I just don’t trust meta at all. I trust Apple slightly more. Which still isn’t much, but it’s more.