No, it's not. "Publicly perform"?! Tell me in what reasonable backup scenario would google need the right to publicly perform your content? It's not reasonable at all; it's egregious and honestly insulting.
Look, I get it: the chances of Google acting on these rights are small and the PR backlash for abuse would be brutal. But this is a great example of a legal department _far_ overreaching in their corporate protection efforts.
I really want to use GDrive, but even if the odds of abuse are unimaginable, I really hate that they make me sign a contract that makes me out to be a functional idiot. "Sign away all your legal rights--it's okay because you can trust us."