Earlier quoted context omitted.
This applies on every single app, and is quite irrelevant as you already trust Apple by using their closed source device. If they want your data, they sure get it.
Unless you only contact Signal users who have verified and compiled the client themselves, you put the same kind of trust in Signal, which specify what data is logged (phone numbers are stored hashed for discovery by other users). The same may or may not be true for Apple (I have no idea) but claiming it is irrelevant as an answer to a question about whether an _Apple_ technology is encrypted, is mind boggling to me.
In this case, root being the device and OS, it has unrestricted access to everything happening by your actions. The data you see on your screen is processed by the CPU, developed by Apple, controlled by kernel, coded by Apple. The can access everything they want.