My understanding is that in order to restore/access said messages and media, you would need the SIM/phone number that created the backup file and would have to register again with WhatsApp to receive a decryption key from WhatsApp servers. So doesn't this mean in effect that even though it's not super secure, the backup file stored on iCloud/GDrive is also protected from Apple and Google's prying eyes?
EDIT: For anyone interested, the backups are indeed encrypted. See: https://security.stackexchange.com/questions/136072/how-can-...