Zoom, like Meet, Teams, WebEx, and many others to my knowledge is "encrypted" but not by default "end-to-end encrypted" in the normal meaning of the term. (Some of these have options for E2EE but it's buried in the service configs and not easy to enable.) So they can and do see audio and video on their servers (as can anyone who breaches their infrastructure) by design. The encryption in this default mode only prevents your ISP from seeing the content of the call.
As a distinction, Signal calls are E2EE -- Signal doesn't see unencrypted video/audio for calls, even ones that are relayed through Signal servers. And even in that case, Signal still knows the participants of the call, just not what is being said.
(As a side note, this is why we built Booth.video -- to demo that this isn't a fundamental tradeoff and it's possible to have E2EE, metadata-secure video conferencing in the browser.)