Can a well set up electrum wallet on an air gapped device be considered to be as secured as a hardware wallet?
Yes, like the above said creating an Electrum wallet offline should be considered secured but even if it's an offline since you want to use it as an airgap wallet a normal OS like Windows is still vulnerable to any attack via USB transfer(like flash drive transferring signed and unsigned psbt file that includes virus/malware from the online device).
So if you want a secure way then installing tails OS and install Electrum should be the best option to protect your wallet. You can check the guide below on how to install Tails and Electrum.
- https://bitcointalk.org/index.php?topic=5228801.0