Creating a cold wallet using an old air-gapped android phone or computer

Is this a reasonably secure alternative to buying a cold-storage device for long-term hodling?

1. Download the Electrum app (or similar) using an old android phone (or computer)
2. Disconnect the device from the internet
3. Create a wallet and secure the seed words+phrase
4. Fund the wallet
5. Delete the app and wipe the device to the original factory settings

submitted by /u/goathen
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