Is my iTunes backup encryption password on my new laptop the same as my old laptop?

I set my encryption password two previous laptops ago, and now I’m planning to get a new phone I need to use my new laptop to restore a backup to a new device from my current phone (I can’t do iCloud) and my current phone is not the one that I created the encryption password with (but it is the same Apple ID etc). When I downloaded iTunes on my new laptop, the encryption was already setup. For clarity, this is the same Apple ID I’m logged into as the computer I created the password on. Will my encrypted backup password be the original I set on my old laptop?

I read under another question that the encryption password is stored on the phone - this phone I’m backing up was created with an iCloud backup of one that was set up with the iTunes encryption - will it have the password?

Thank you in advance.