The only real "threat" is your Google account itself being compromised by a third party able to phish their way into your account or bypass your 2fa mechanisms (e.g. by SMS sim swapping). As always, https://landing.google.com/advancedprotection/
The people here saying "privacy" are speaking of some doomsday scenario where Google itself leaks all of this data, which would be unprecedented and is unlikely with how many safeguards there are for employees to access any user data at all within Google.
Just because there is only one key doesn't disqualify the solution from e2ee status. If the middleman does not have the key, it's still end to end secure.
The whole reason you'd enable this feature is for when you lose your phone and need to provision a replacement. There's not really any way to do the whole key exchange dance if you don't have access to the original source. A password derived key is essential in this case.
From the linked article [1]:
> December 2018: Google+ Bug Exposes 52.5 Million Users’ Data Google+ faced its second big breach of 2018 when a November update created an API bug that exposed data from 52.5 million Google+ accounts. Google fixed the bug within six days, and moved up Google+’s burial date from August to April 2019.
> Google originally decided to terminate Google+ after another breach became public earlier in 2018
and an earlier Google+ bug that was reported in WSJ [2]
> Google Exposed User Data, Feared Repercussions of Disclosing to Public
> Google opted not to disclose to users its discovery of a bug that gave outside developers access to private data. It found no evidence of misuse.
[1]: https://firewalltimes.com/google-data-breach-timeline
[2]: https://www.wsj.com/articles/google-exposed-user-data-feared... (Oct, 2018)
Source?
I think the default behaviour is not E2EE.