Most certainly. You don’t land a cable in either the US or France without a classified annex to the license that provides for interconnection to their intelligence services.
https://golem.ph.utexas.edu/category/2014/10/new_evidence_of...
If the encryption used is flawed, they could see whatever they want.
They can see who is talking to who, and when:
But Snowden showed us that a lot of it is scooped up and warehoused. Maybe they can see your traffic in a decade or two?
They can't. That's why they call it "bulk collection."
https://en.wikipedia.org/wiki/MUSCULAR_(surveillance_program...