If you don’t control the Electrum server you connect to, you can’t know what logging or monitoring they’re using.

For example, they could be running a free and open source Electrum server implementation like Fulcrum, but put it behind a reverse proxy that logs all traffic.

The software running on your wallet and/or hardware signing device can’t protect you against a logging third-party server.

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Discussion

So if you’re running your own node and connect your wallet to electrs, you should be good to go then. Only problem is, I can’t run my node at the moment 😅