Does storing data violate your privacy?

I read the long read "Smart talking: are our devices threatening our privacy?" and it brought up a few good points and raised questions for me. Most devices like Alexa and Apple's Homepod wait for that trigger word to essentially "wake them up" and follow the command they are told. However, if they are waiting for that certain phrase, doesn't that mean they are always listening? That makes me feel a little uneasy that this thing that is supposed to help you, can potentially be listening on to everything you're saying. It was found that some companies store the audio from interactions people have with these devices. The companies stated that it was to see how the device answered to the commands it was asked to see if it needed improvements. However, what if it was used for more than that and companies are keeping that information from us? Does this violate people's privacy? It may just be paranoia, but I know that I would not want one of those things in my house.