Isn't that another strawman? You're gonna find clauses like that in every legal agreement on earth, the relevant points here are what they commit to and how they act and have acted historically.

You can of course not trust them and keep your data away, it's your choice; but there is no question they are the most privacy respecting of the bunch - because, as the OP said, they are a hardware and services company and staying that way is a competitive advantage.