Under E2EE, assuming the device key is randomly generated, if you have one device (as many users do) and you lose that device you would lose all your data. The alternative is the key is derived from your iCloud password, in which case, if you forget your password, you lose all your data.
Right now, you can browse your photos online. There's been no statement that this is going away. Implementing this functionality with E2EE backups seem highly problematic.
These are huge changes to iCloud functionality that Apple would surely announce...
There are many open questions. And given that there’s no clear statement from Apple, I’m inclined to believe that they retain the ability to decrypt all data.