@Mtt No, you're not missing anything, the encryption ends when a note is shared. Apple Notes is a great example, they take this precaution as well. Try stop sharing a note in Apple Notes and then visit its URL, you won't see "there was a note here previously". Instead, you're presented with a login screen. The same is true for paths that never existed, like https://www.icloud.com/notes/Micro.BlogExample. There's no way to tell an old note URL from one that never existed.