If you want to connect Enterprise Architect with Cloud Services or Pro Cloud Server - where no user credentials are part of connection string - because you should use IIS for authentification - then it may make sense to encrypt the Connection String as it is possible with DBMS Connection Strings.

Here is how to make that possible:

First connect to a Cloud Service/Pro Cloud Server:

Enterprise Architect opens the project - so to see and modify the connection string Open the Project Open dialog - Editing the Connection String shows the details:
RAS --- ;Connect=Cloud=protocol:http,address:127.0.0.1,port:804;Data Source=RAS;DSN=RAS;

Now save the Project as Project Shortcut - there is an option to encrypt the connection string::

EAConnectString:RAS --- ;ConnectEx=rdwj!AIh`=&akz/7p{K2oA/t9ofR9i}u<Hw(1i*D<6OX)Y+n{r\H[;>:b0"{$65a8xey2,QfkRJ,;

"EAConnecdtString:" is not part of the connection string - but now you can use that connection string instead of the other one - remove any existing other connections from the list - and now connection to Cloud Services/Pro Cloud Server is encrypted.