Thanks for your detailed response. That helped a lot!
So, if at a certain point (let's say in 10 years) a new version of Electrum uses a completely different algo to generate the seed and I input my old seed, will my wallet not get compromised?
Hope Thomas can confirm this.
when developers release a new version of a software they should consider all the users that may have older versions so that they can still use the new version if they had an old one by updating or using the same seed.
although 10 years is a long time that a lot of things can happen with bitcoin itself (a lot of changes).
just to be 100% sure you can always keep the installation files for the wallet that you have initially so that you can always do the recovery with that.