No, the password you set up only encrypts the wallet locally, if you or an attacker imports this wallet with the seed phrase on a different device, you'll have access to spend the funds on the wallet and set up a different password for the wallet on that device.
Just to be clear the added passphrase/password on Electrum is passphrase protection you have a choice on the first wallet creation if you want the wallet file to be encrypted you need to enable it or disable it while using a password. Encryption is another layer of protection so that the wallet file itself is not readable when you try to open it with Notepad.
@OP Since the USB Drive has a short lifespan I suggest burn them into CD/DVD because they have a long lifespan according to Google 10-15 years but if you want a disc with a longer lifespan check the M-disc it has a 1000yrs lifespan. And don't forget while creating a wallet to make sure it's safe you should create a wallet in an offline environment to avoid someone monitoring and recording your keystroke/clipboard.