At this point the same entity controls both key distribution and the messaging channel, so information-theoretically it may seem that encryption becomes pointless because it’s very easy to perform a mitm attack. However, since any user can check their keys (at least in theory), the service cannot mitm _every_ conversation. This prohibits mass surveillance which is good enough.
The goal as I imagine it is to go from "Hundreds of Twitter employees can definitely access my messages today and anything I've sent and received up until now" to "Twitter will likely need to perform a MITM attack to read my messages starting from the moment when the attack was performed. Maybe they have a secret backdoor, but it's probably too valuable to use on my cat photos".
It would only take a couple of people I'm key positions to accomplish it.
No prizes for guessing entities that fit this description.
It all depends on what the key material is protected with at that point. If it's something provided client side and is transmitted securely, and used blindly, then it would work. Anything short of that would probably trigger my curiosity.
Edit: This kind of statement also needs to b prepended with who you're trying to protect yourself from, because that entirely changes the game.
Edit: There's also key exchange (and derivation) that could happen and impact the effectiveness of this process.