How do I choose a backup method?
1. Private keys: I create a private key for each address using "Wallet> Private keys> Export". Using these private keys I can transfer my address to another wallet.
You would probably omit private keys along the way. This does not ensure that you also backup your future private keys. You can export your xpriv (master private key) and that will allow you to generate all the addresses.
2. Wallet seed words: In this method, I can reach all my addresses and information with 12 wallet words.
This should be your primary backup method.
3. Wallet backup file: This is another method. I can create wallet information by uploading from Backup file.
Which is the most accurate method?
This method backs up your entire folder. You will be able to cover all the labels and invoices saved on your Electrum client. It isn't much of a security risk if you secure it well with an encryption on top of the encryption on your wallet. This makes it secure as long as you use different passwords for both of the encryption. For windows, the directory you are looking to backup is %appdata%/Electrum.