Even if all the decryption resides in the app/web browser side, they can just silently change the code and inject some scripts to hijack the encryption routine.
Although they are open-source and can be scrutinized by anybody, it does not means that's what is run on the server side.
(Just say they have the capability; no accusation)
So at the end of the day, the question is whether you trust Proton or not. Encryption might not help in that case.