WhatsApp make no specific claims about who this encryption is keeping you safe from. And they also require you to agree that they can use your information and interactions for their legitimate business needs. I mean, WhatsApp is standing right there when you stuff the message into the box regardless of how safe the package is in transit once it's left your phone. And consider basically every 'enchancement' to security or privacy around Facebook was done under duress for years. Pre-acquisition WhatsApp is a different story, but that story is ancient history.

I didn't agree to the recent WhatApp nor Facebook's TOS so no longer have their product on my devices. I suggest you do the same, or just sit back and enjoy the specialised, relevant, targeted ads, but think twice before each send.