sure it is, as long as you don't have agent forwarding
1. The ssh connection is intercepted, malicious server lets accepts arbitrary user's public key
2. Malicious server tries to connect to real server and fails - original pubkey authentication was channel-bound and cannot be reused
3. Malicious server now has to pretend to be the real server without knowing what the real server looks like. User immediately detects the shell prompt is different, the hostname is wrong, all the files are missing, etc... and disconnects.
(You can make some sort of contrived situation, like you only ssh'd to restart service, _and_ you used "sudo" with password _and_ you used ssh command so you didn't see the prompt _and_ this was the first command you did on your new computer... but this seems pretty unlikely)
And encrypted vs non-encrypted keys seems completely unrelated to connection interception attacks - who cares how the keys are stored on the computer? It's all the same on the wire.