Intercepting at line rate isn't a thing. Recording absolutely happens, but that's why we're talking about End to End Encryption. It would suit snoops very much if what they recorded wasn't 90% unintelligible noise.

Right now they get a good idea which sites are visited (because of Server Name Indication) by web browsers, and they get some portion of email (sent in the clear) plus a small fraction of web traffic (HTTP-only) and numerous older unencrypted protocols.

In particular they also get most of DNS. DPRIVE work (DNS over TLS, DNS over HTTPS, and eventually DNS over QUIC) reduces that considerably. Future DPRIVE work also includes oblivious transfer (you ask say Google to do a DNS lookup on your behalf, they learn who you are and which DNS server was asked but not what you asked it, the DNS server learns what was asked but not who you are, you get your answer).

Or of course, if you're particularly worried, you use Tor and everything on the snoops' screens dissolves into noise.

wouldn't certificate pinning partially prevent this though? i'm not saying this is impossible, but for regular ISP-logged data that some schmuck wants access to, rather than a 3 letter agency or whatever, i doubt this is much of a concern