Be aware that the "fully encrypted on our server" path is still not going to satisfy many customers. At the least, many of them (like my employer) would want to insist on a "bring your own key" ability, and would ask a lot of questions about where your keys are stored, who has access to them, and what you have the ability to do.

Besides all of that, though, the "store files locally" option gives me the option to put those files anywhere, including in various cloud storage accounts of my own to share with other people, thus giving me a lot more flexibility and control over with whom and how I share meeting content. That might really be the better way to go.