Self-consistent field theory (SCFT) has established that for cubic network phases in diblock copolymer melts, the double-gyroid (DG) is thermodynamically stable, relative to the competitor doublediamond (DD) and double-primitive (DP) phases, and exhibits a window of stability intermediate to the classical lamellar and columnar phases. This competition is widely thought to be controlled by "packing frustration"�the incompatibility of uniformly filling melts with a locally preferred chain packing motif. Here, we reassess the thermodynamics of cubic network formation in strongly segregated diblock melts based on a recently developed medial strong segregation theory (mSST) approach that directly connects the shape and thermodynamics of chain packing environments to the medial geometry of tubular network surfaces. We first show that medial packing significantly relaxes prior SST upper bounds on the free energy of network phases, which we attribute to the spreading of terminal chain ends within network nodal regions. By exploring geometric and thermodynamic metrics of chain packing in network phases, we show that mSST reproduces effects dependent on the elastic asymmetry of the blocks that are consistent with SCFT at large χN. We then characterize geometric frustration in terms of the spatially variant distributions of local entropic and enthalpic costs throughout the morphologies, extracted from mSST predictions. By analyzing these distributions, we found that the DG morphology, due to its unique medial geometry in the nodal regions, is stabilized by the incorporation of favorable, quasi-lamellar packing over much of its morphology, motifs which are inaccessible to DD and DP morphologies due to "interior corners" in their medial geometries. Finally, we use our results to analyze "hot spots" of chain stretching and discuss implications for network susceptibility to the uptake of guest molecules.