If anything Recall is MORE privacy respectful than this since everything is stored and processed on your device and you can access (and easily alter) the database, exclude specific applications, websites (for Edge for now), etc.
I'm not saying it's not an awful feature, I will disable it as soon as it is installed.
The fact that it's not encrypted at rest really is the least of my concerns (though it does show the lack of care and planning). For this to be a problem, an attacker already has all the necessary accesses to your computer to either get your encryption key or do devastating damage anyway.
> At the risk of sounding like an Apple apologist, Apple has a pretty good (though not perfect) track record for privacy and security.
"Not perfect" is enough to be concerned. I would also not be surprised that their good reputation is more due to their better ability at hiding their data collection and related scandals rather than due to any care for the user.