I'd personally prefer that when messaging with someone using WhatsApp, they make clear to you that Facebook can and will have some metadata, but not the contents of the chat itself.
If you believe that, then I think you're one of Zuckerberg's proverbial "dumb fucks". Not that I mean to be insulting, but that's literally what he thinks of his users.
Facebook's WhatsApp is almost certainly filled with backdoors and exploits. In particular, with Android they often bypass Play Store checks by bundling system apps directly via the manufacturer.