at this time, I do not have access to my BTC. It is still showing as unconfirmed because of "low fee" but my balance is now zero. The BTC is somewhere in lalah land. Will the transaction fail and I will have access to my BTC again?
To recover your Bitcoin while the transaction is unconfirmed (and only while it is unconfirmed), you need to somehow clear all of the unconfirmed transactions from your Electrum wallet and create a new transaction which sends the Bitcoin back to yourself.