Encryption does not fix this completely even if you assume all texts and voice calls are encrypted. The metadata is equally important:
- your location in time and space
- the numbers you contacted
- the duration of contact
- your location in time and space
- the numbers you contacted
- the duration of contact
If you were spying on someone, what would you rather know: all the above metadata you listed, or a full recording of all their calls?
That depends entirely on the purpose of the spying.
If you're spying with a goal of assassination, the location data from their morning commute might be far more valuable.