Technically yes, e2e encryption means video hosted on their servers is only viewable by devices with decryption keys. So if the police/gov brought a subpoena to request the video, Ring could only offer them the encrypted video. They would have to take possession of your phone and gain access in order to decrypt and view the video.
In this case the "ends" in the e2e encryption is the camera and your phone.
- You can call your service e2e encrypted even if every client has the same key bundled into the binary, and rotate it from time to time when it's reversed.
- You can call your service e2e encrypted even if you have a server that stores and pushes client keys. That is how you could access your message history on multiple devices.
- You can call your service e2e encrypted and just retrieve or push client keys at will whenever you get a government request.
They are acknowledging that the end to end TRANSIT is encrypted. They are not encrypting from themselves at rest.