The EDPB Guidelines from November 2020 says:
"where unencrypted personal data is technically necessary for the provision of the service by the processor, transport encryption and data-at-rest encryption even taken together, do not constitute a supplementary measure that ensures an essentially equivalent level of protection if the data importer is in possession of the cryptographic keys"
https://edpb.europa.eu/sites/default/files/consultation/edpb...