My understanding is the same. Facebook are providing hosting services to businesses so they can centralise their business WhatsApp messaging in one place. This

My understanding is the same. Facebook are providing hosting services to businesses so they can centralise their business WhatsApp messaging in one place. This means that when a message is decrypted by a recipient, that decryption is taking place within a Facebook service, rather than on an end user device. Unfortunately, as you say, cynicism is a problem with anything linked to a company like Facebook/Meta that has earned a certain amount of distrust.