The Electra's position isn't all that different from the European city bikes I've test ridden. They all have a lower bottom bracket than is typical for a modern road bike so if you ride aggressively and don't watch pedal position, it's possible to have pedal strike. Not a huge deal, since I know to watch for it and it makes stops and starts a lot easier. The one touring bike I've tested had a slightly higher bottom bracket, but it was still workable.

I've also tested a few other bikes where the bottom bracket was just plain high for me. My legs are short enough that it's dangerously easy for me to topple over on a bike with a high bottom bracket. Floating 3-4" in the air is not a good plan for a stable stop.

So yes, you should have good leg extension *and* you should be able to get off the saddle without it turning into a balance drill every time. Most people will have a range of bikes to pick from that meet these criteria... I'm in a city, so there's always a lot of stop and go. Someone who doesn't have a lot of lights on their usual routes might want a more aggressive bike.