I do have access to disk and I believe also 12 words for the seed.
That's a good start...
I believe it was portable version since I don't see AppData/Roaming/Electrum folder.
Is there anything installed in C:\Program Files\Electrum?
If there is, it's not the portable version.
I tried entering 2 words in latest Electrum 4 but that doesn't seem to work.
I assume you mean
12 words... what happens when you try and type in those 12 words?
Are you getting an error? Or is it creating an empty wallet? If you're getting an error, it's possible your 12 words are incorrect.
Do you remember if the 12 words came from Electrum or were originally created in a different wallet?
Do I need some kind of version compatibility or something else?
No. Electrum is backwards compatible... so seed mnemonics from older versions will work in newer versions.