Wouldn't event.target also refer to other elements?

In this video, we add an event listener to the ul element - but this listener isn't for the ul, it's for the checkbox that is a child of the ul (code given below)

HTML:

<ul id="invitedList">
  <li>
    <label>
      <input type="checkbox">
    </label>
  </li>
</ul>

JavaScript:

ul.addEventListener('change', (e) => {
  const checkbox = event.target;
  const checked = checkbox.checked;

  const listItem = checkbox.parentNode.parentNode;

  if (checked) {
    listItem.className = "responded";
  } else {
    listItem.className = "";
  }
});

We have an event.target expression assigned to the variable "checkbox". Let's assume, for the sake of this question, that the event listener was looking for a "click" event, instead of a "change" event. In that case, would it have triggered this block of code if we clicked the label? or the li? (i.e. anything besides the checkbox).

If so, why not target the checkboxes directly, instead of relying on bubbling through the ul? Wouldn't that reduce the margin for error?

Thanks in advance!