Electrum is a hierarchical deterministic wallet meaning both public and private keys are derived from a seed. In case the wallet needs to be recovered, you can do that using the seed. Electrum uses a 12-word mnemonic passphrase and asks you to re-enter the seed the first time it generates the keys to make sure you understand the process.
As of July 2020, the entire blockchain is over 350GB. The growth rate has been more or less linear for the last 5 years when it grew in size by about 200GB. Thus it's reasonable to expect the blockchain to grow to ~400GB by the end of 2020 and so on.
Being open source allows the client to be peer reviewed. It also allows you to download the source code and compile it yourself in case you're worried that the source code is different from the distributed version of the application.
No third-party has access to your private keys. Private keys are both generated and held locally. Additionally, as it is the official client, it is the most actively peer reviewed wallet.
"Thus, KeepKey will discontinue support and maintenance of Multibit, effective immediately. We recommend that all Multibit users discontinue using it and you move your keys to other wallet software of your choosing." - https://github.com/Multibit-Legacy/multibit
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