So I've been restoring the old Trezor 24 word mnemonic/seed phrase multiple times with its passphrase.
A new Electrum BIP39 wallet is created with nothing, probably as there's no funds or transactions on the old Trezor cold wallet.
After you have restored your wallet in Electrum, open the addresses tab and compare the receiving addresses with the addresses or transactions in Trezor Suite. They should match. If not, then you used the wrong seed phrase, the wrong passphrase, the wrong derivation path, or made a mistake elsewhere in the process.
I suggest that you avoid using the wallet to receive funds until you are absolutely certain that it is the same wallet. Moreover, I still don’t understand why you would use such a wallet, as it defeats the purpose of using a hardware wallet. Backup seed phrases from hardware wallets are not intended for import into hot wallets. They are meant as a safety backup in case of device loss, failure, or similar circumstances.