If both ends and the server are all controlled by the same entity: it largely doesn't matter if it's E2EE or not.
You can obviously argue that they can't siphon away information at the server level; but if you don't trust whatsapp/signal/telegram at that level then you're boned anyway because they could quite easily activate the 'whatsapp web' function and exfiltrate information via whatsapp servers.
Ideally we'd have clients and servers and server operators as distinct and uncoordinated individuals, which would have to work in conjunction with each other to unravel your messages: but there's no incentive for them in place to do that.
I, a server operator, can pass encrypted traffic, that data is encrypted with clients I don't/can't control.
I, a client software developer can make encrypted traffic, but messages can only be passed on networks I can't control. (and if it didn't, this would be easy to spot).
I, a server software developer can write software which allows traffic to be passed but does not promote an operator to exfil even encrypted data.
We have this with Matrix, IRC, XMPP etc;
IMO if you're going to use Whatsapp; it's the same as if you use telegram or signal; I understand that this opinion is controversial but you're choosing convinience over security and E2E doesn't mean anything if you have one entity controlling the ends.