In the cited documentation below ([0]), it claims that media will not be saved for either method 1 or 2 ("To stop media from all your individual chats and groups from being saved" and "To stop media from a particular individual chat or group from being saved").
I found out that the media is in fact written to storage, straight to the "Private" directory ("Internal Storage/WhatsApp/Media/WhatsApp Images/Private"). Said directory includes a ".nomedia" file which inhibits the Gallery app from your phone to see such media. So if you were to copy the "Media" directory into your PC, such "unsaved media" would come with it.
Also, when sending View Once media ([1]), it can be easily screenshot on your smartphone, or if you're using WhatsApp Web, use the DevTools while image is open, so you can grab it in their transmitted resolution.
Want to grab a status from a contact? Go to "Internal Storage/WhatsApp/Media/.Statuses" (enable view hidden directories in your Files Explorer application) and copy/move the file elsewhere, so it goes out of reach when WhatsApp tries to delete it.
Not to spill poisonous words around here, but I highly doubt they take security seriously.
[0]: https://faq.whatsapp.com/android/how-to-stop-saving-whatsapp... [1]: https://faq.whatsapp.com/general/chats/about-view-once/?lang...