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Is there any standard practice about how all extension wallets (Phantom, Glow, Backpack, etc) store sensitive information like seed phrase or master private key? As an extension dev, were should I save such information and how should I ensure the safety of the information?

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Best to store this information only locally, encrypted by the password used to unlock the wallet. On Chrome, extensions store data in C:\Users\[login_name]\AppData\Local\Google\Chrome\User Data\Default\Extensions on Windows, or /home/USER_NAME/.config/[chrome, chromium, brave, vivaldi, etc]/Default/Extensions on Linux

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Not sure, but two places to look might be:

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