With their proprietary client it does not matter how secure is a protocol. There's always a risk of bad update or total compromise. And of course ads need to be targeted.
Encrypting metadata is also really hard. See the Matrix (and XMPP) community for detailed discussions on why that is.
I use and advise others to use E2EE encrypting tools, all are open source, audited and popular.
Fake sense of safety is worse than understood unsafety.