Not very many people take the time to read all the legalese stuff in the EULA for an app before they install it. I give the Apple App Store credit for including a privacy summary with every app, which sums up their data handling and privacy practices, such as this one for WhatsApp:I honestly would be shocked if they could technically read the messages. WhatsApp make such a point about the encryption. I'm not an expert on these things though so I'm not sure.
It's not as comprehensive as a EULA, but it at least gives you an idea of what you're giving up to the app when you install/use it on your device. If there's something in there that bothers you, you can either go read the full EULA for the details or choose not to install the app.