You can read about wyze security practices here: Security & Trust – Wyze Labs, Inc.
I don’t know the technical details about how video is encrypted, but due to the nature of wyze services, the video is not encrypted and decrypted with a local secret on your device. For wyzes AI products, push notifications, facial recognition, and other features to work, the wyze servers need access to unencrypted video. If the video were to be encrypted on your device and only decrypted when it gets back to your device, everything in the middle would be unable to view or process the video.
Using HTTPS, the video is encrypted in transit.