How many UTXOs make up your 0.01294280 BTC? (Click the "Coins" tab and count the number of entries that you see. That is the number of UTXO's your transaction will be using when you try to send the entire balance in your wallet.)

0.01294280 - 0.01272440 = 0.00021840 in fees... assuming that all your coins are in one input... and that you actually prepaid the 2FA fees, so you have a "minimum" sized transaction of 192 bytes, your fee rate would only be 113.75 sats/byte.

Current recommended fees seem to be between 60-140ish... so I don't see any issue with the fee being proposed by Electrum.

If you want to use cheaper fees, then just goto: Tools -> Preferences -> Fees and tick the box that says "Edit Fees Manually". Just be aware that if you screw this up and use a fee that is too low, your transaction may not get confirmed for hours and/or days.