Does the threat of a keylogger on a computer make storing sensitive text on an external encrypted drive pointless?

If I save a plain text file directly to an encrypted external thumb drive (which is protected with a physical numerical keypad, i.e. the iStorage datAshur PRO), does the threat of a keylogger render this useless, as it could potentially log all the strokes during the creation of the text file itself?

Is there any safe way at all to store sensitive documents on an external drive, without reasonable threat of having them logged during their creation?

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