So we have:
1626^x=2^256
solution is: x = 23.99899907
so 24 words for a single private key.
Electrum uses only 13 words for many keys
Electrum used to have a dictionary that size in the past. Now the dictionary is of 2048 words and typical seed size is 12 words. However 1 of those 12 words is used to encode meta data such as the seed version, wallet type and a checksum. The 11 words that you have available allow you to encode a 124 bit random number. However the author believes that even the meta data cannot be guessed and an attacker would have to brute force it just like the rest of the seed so he believes in reality its more than 124 bits.
You're fundamental point that the seed has less entropy than the private key is correct. But 124 bits is considered secure so it doesn't matter much.
If you want a smaller or larger seed you can actually generate one using electrum command line options:
will tell you more.