I disagree with that, i think the various mix of cheap insecure IP-cameras present on any small store and elsewhere poses a far greater privacy risk than a well managed and frequently audited system one would expect from google.
The cheap security cameras are relatively trivial to gain access too at scale and you can run facial recognitioning on their video with zero accountability.
At least with google and facebook you get a non-zero level of accountability.You can still summon their CEO in front of the public somewhere for questioning.
Or if you're an EU citizen you can demand you data be wiped off.
You can't practically do that with an insecure patchwork of security cameras. This is why I think the privacy concerns for this project were quite misguided.
In my opinion it's better to go with a single choice of where security video with identifiable faces is going instead of having no clue who's tracking you.
I'm not personally happy that that choice is Google given their screwup with nest and with 3rd-party dev access to gmail, however I think the practical outcome is a lot worse when not choosing anything at all.