Even a fully unencrypted local video feed would require someone to park outside your house for the duration of the broadcast to capture it all. Meanwhile, in the cloud, user data sometimes gets dumped into unsecured S3 buckets that anyone in the world could access. Even if the video is properly secured, there's no guarantee the service in question is not keeping it indefinitely for marketing/machine-learning/other purposes and it eventually leaks in a security breach.

It’s sounds like it’s closed loop, and not connected to the internet/WiFi. I would say that makes it thousands of times less likely to be hacked, even if there was some fundamental issue with the encryption.