It is encrypted at rest: https://github.blog/changelog/2019-05-23-git-data-encryption...
The real question is how many services are able to access the data live and how many support and debug interfaces (indirectly) allow you to read it. Measure GitHub's success in securing the secrecy of private repos in how few employees can breach it without causing alarms. Even without cynicism I would be surprised if it was their main concern. Data integrity is far more important for code. (There are notable exceptions, of course. If applicable, don't put it in the cloud!)