Not necessarily... Does the script output this:

File NOT Encrypted
--------------------------------------------------------------------------------
Keys are encrypted

Right at the start? If so, then the wallet file itself isn't actually encrypted... it is just in a "protobuf" format, hence why you can't read it. The public key isn't encrypted either, even though it "looks" all weird and encrypted. It is just binary encoded hex values stored as text characters...

The really confusing thing though, is that if your password was incorrect, the decryption of the keys should fail and you should see "incorrect password" and get prompted for the password again... it shouldn't give an incorrect private key??!?