iCloud Family
Can parents see their children’s photos that are uploaded to iCloud Family Sharing?
iPhone 7
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If you are sharing iCloud Storage, see the following from Share iCloud+ with your family - Apple Support
When you share an iCloud+ subscription, everyone in the family group uses their own account. That way your photos, documents, and other information stay private, even though you're sharing access to the service. You simply share the features and space available in iCloud+ with your family members, so you only have one plan to manage.
Also, unrelated to sharing iCloud storage, there is a new feature coming soon in iOS 16 and macOS Ventura that allows families to share a photos library if they want to. See the "iCloud Shared Photo Library" section of iOS 16 - New Features - Apple