The 14-day cloud storage is intended as a way to know when events have occured, allowing users to check the SD card for further review. This is why it is recommended to install SD cards in the cameras. At this time unfortunately, there is still a five minute cooldown period between each type (motion and sound) of notification. There is a #roadmap item under development right now that will hopefully alleviate that.
The current Wyze cameras are not sold or marketed as security devices. They are sold as smart cameras. Please see Section 3 (Limited warranty and disclaimers) of the “Terms of Service”