This isn’t the case if you enable advanced data protection
> If you choose to enable Advanced Data Protection, the majority of your iCloud data — including iCloud Backup, Photos, Notes, and more — is protected using end-to-end encryption. No one else can access your end-to-end encrypted data, not even Apple, and this data remains secure even in the case of a data breach in the cloud.
Which requires you first setup 2fa, which itself requires 2 keys.
https://support.apple.com/en-us/HT212520
I’d be more worried about these ota security patches they can send out whenever and how easily it is to MITM that process and send down exploited security patches. I’m sure it’s already happening in the wild