Electrum is not synonymous for cold wallet, but the software can be used both as a cold or a hot storage solution. It's never a cold wallet if used on an everyday computer that is connected to the internet. But it works on an airgapped and cleanly formatted system that can't connect to the internet any longer. 

FTX wasn't the first exchange that created major drama for its users and it will certainly not be the last one. People didn't learn before, and I don't think they will learn now. There are plenty of folks going: I am so glad I kept my coins on KuCoin, Binance, etc., and not on FTX. And that's the problem. If it doesn't affect them personally, they don't consider it too big of an issue and see no reason to change their behavior. 

Some don't consider hardware wallets as cold wallets. Then again, they don't consider them as hot wallets either. They are somewhere in the middle. Unless airgapped, they rely on an internet connection for normal functioning, but some are equipped with chips that provide a safe enclosure for your keys and sensitive information.