Of course the password does something. Both of them do.
I finished it today. I took my time, getting two endings each day for the past 3 days, and also watching the final ending today.
It's a game that resonated with me quite a bit. Eight or so years ago, I was in the protagonist's shoes, and a week or two ago I gave some advice to a family friend whose son was in that position.
The more I think about it, the more I like the final ending.
It fits well with most of the endings, while at the same time giving the player renewed hope for the future.
I strongly suggest that anyone playing the game play through until they get the final ending. It really is worth it, IMO.
I do have two things to note that I hope are taken in the spirit of constructive criticism. The first is to point out that times the text was white-on-white, which made it hard to read. The second is to note that it was possible to accidentally launch from the start screen two copies of the game proper. I did one play through with two soundtracks about a second out of sync, which was ... interesting.
Are all the backgrounds photographic? At times it was hard to tell.