Your parent's description of the protocol makes it seem like the meeting host generates a key and sends it to Zoom so Zoom can send the key to the participants. I skimmed the whitepaper, though, and it seems what actually happens is the clients generate their own public/private keypairs, which allows the clients to negotiate session keys without exposing the keys to Zoom's server.
Of course since the client code is closed source, you just have to trust that it isn't sharing the session keys with Zoom or a third party. That's the same potential flaw as with something like WhatsApp's, Telegram's, or FB Messenger's E2EE mode: the app itself can intentionally break the security of the system, and you probably won't know it.