This is tunneling a SSH connection inside another SSH connection and thus is similar to the SSH jump host feature - see also Can a SSH jump host act as MITM?.
While the confidentiality and integrity of the data seems to be protected due to the additional encryption, an untrusted jump host might change the destination of the tunnel - there is no guaranteeyou cannot trust that the endpoint you connect at the jump host is really the tunnel endpoint you expect.
Of course, if the tunnel endpoint is properly checked by connecting only to a tunnel providing the expected host key of your target system, then this is not a problem.