Do you want to give up some privacy by using Electrum (or other lightweight SPV wallet) [...]
Just a small remark.. while most lightweight clients do heavily invade the users privacy (including electrum), there are still lightweight clients available which do preserve the privacy.
The most recommendable would be wasabi. But samourai (as a mobile wallet) is a pretty good candidate too.
If OP is looking for a wallet which has a simple backup mechanism in form of a mnemonic code while also not giving up on privacy, wasabi would be my #1 wallet.