You're not wrong, but with Five Eyes, the OP's point still stands strong as ever.

https://en.wikipedia.org/wiki/Five_Eyes

In practice, there's little advantage to living in Europe, being spied on by the NSA who then sends that data to European intelligence agencies.

Considering that France recently voted a law to make retroactively legal existing practices, I'd say this legal control is most often a farce (and it's not like the new law introduces strong judicial supervision, either).

GCHQ's operation legality has been put under question more than once.