Apple states they do not have your passwords in their platform security guide. Apple also says they use end to end encryption for keychain.
I haven't reverse engineered if it's a hashed / salted version of the password stored locally or if it's just key exchange and entangled secrets that are cryptographically difficult to reverse or bypass. However, my best estimate is no - it's not simply a hashed version of your password.
Apple states that they don't retain the secret or shared key, so I expect if that's the case, it is unintentional or a weakness in their algorithm / implementation and not they are lying to us about their design intent and execution. We would need to have vast access to code review, process review, and personnel interviews to effectively check Apple’s work on their code and process to ensure they didn’t make mistakes in execution and governance.
There are very high visibility cases where FBI and U.S. Government frequently complain bitterly, publicly and in the courts arguing that Apple should change their design to make it easier for government to get into people's data and devices, so I tend to think Apple is largely doing precisely what they say to protect the integrity of your data / keys and passwords against surveillance, and unlocking.
Apple clearly designs things to have much data encrypted before your device sends: IP addresses and device identifiers. When they don’t retain that data indefinitely, that limits the potential for lost or stolen data, as well as limits what could even be delivered to the government by legal or procedural discovery. What I can tell is Apple works continually to reduce any non-brute-force access avenues by technical design and by making it easy to choose a complicated passphrase. When we choose secure secrets, that makes bypassing encryption more costly in terms of time and effort.
Whether you feel Apple can be honest and/or transparent is hard to know ultimately unless you’re there in the room when the government comes knocking for data or concessions.