Not really. The Apple ID password is a regular server-verified password and does not contribute to end-to-end encryption in the cryptographic sense. In other words, it gates access to the end-to-end encrypted data, but not the keys used to encrypt them.

If you trust Apple to never get hacked or hand over your data to any third party, that's perfectly fine, but that is not the scenario that end-to-end encryption is designed to address.