I guess it wouldn't work for a one-to-many channel though, just individual one-to-one channels.
E2E allows both clients to talk to eachother without server having a way to snoop on
Also you must trust that people did really take a look at the code.
Demonstrably untrue. You must trust that the contributors are trustworthy, they have implemented a strong security posture for their project, and that the code is reviewed by people who are trustworthy. Many open-source projects have been, and continue to be, compromised on a regular basis.
In theory, that's only the case if you are unable to review the code yourself.
In practice, it's like saying that TLS encryption is pointless, because one needs to trust every single person who implements it.
Given that I'm not a cryptography expert, I have a limited number of hours in the day, and open-source supply chain attacks are typically obfuscated, I don't consider that to be a trivial statement.
You have 0 guarantee that the open source code is actually the code that runs on your device. And you have 0 guarantee that the device itself is not compromised. And you have 0 guarantee that the OS is not storing your data.
E2E on mobile devices is a security blanket with holes the size of the solar system.