Hi,
I have the exact same issue. also posted a query here in the group.
(my post is a bit complicated as it involved a bug that was in my release that I was not aware of but is now fixed)
After some playing around I ended up with option four using front/rear ports on the SP equipment.
This means I model my SP equipment to be able to populate the rack correctly, and also able to indicate the cabling correctly.
This option works fine and could get better with a little tweaking in Netbox features to make great.
I´m about to install the 2.10beta that I think wont help, and might even get worse in regards to cable trace.
I believe cable trace over a circuit will no longer be supported.
The things I had hoped for using your example:
edge router A <--> demarc switch A <--> E-Line circuit <--> demarc switch B <--> edge router B
Currently the above works and also as a trace ( using 2.9).
But small downside on "edge router A" the interface is indicated it is connected directly to "edge router B". (and vice versa)
When you click the trace icon it will show the full path and the circuit. (nice)
I´m not against it showing far-end termination, but would have liked to see some icon (globe?) similar when you connect a interface directly to a circuit. To indicate that the Edge router was connected via circuit to the far-end edge router. and preferably the circuit ID if possible.