Quote from datarecovee on , 6:31 am

Yes, The recovery process is possible when you possess either the password or recovery key. Mac users find Disk Drill to be one of the best file restoration tools that enables APFS/HFS+ drive decryption when users provide their credentials. Apple’s encryption standards make decryption impossible when users lack access to cryptographic key data.

For more read - https://datarecovee.com/best-file-recovery-mac/