You do not want to inhale any paint or its solvents, that includes "water based" acrylics. A spray booth is a very good idea regardless of the paint or other chemicals you may use. Toxicity is a difficult subject, even if you have the technical background to understand the chemistry and the biology. And here's the killer:
Any material not proven to be toxic beyond the tiniest amount of doubt can be sold as "non-toxic." Toxicity research was twenty years behind when I left material science over 25 years ago. That situation has gotten worse since then.
For example, "water based" acrylic paints are generally much less toxic than "solvent based" paints. That does not mean they are "safe" to inhale, get on your skin, or in your eyes.
Pets like dogs, cats, and birds are far more susceptible to toxic substances, and some things that cause us little harm can be deadly to them, and in much smaller quantities.
"Safe" does not exist in the real world. Only "more safe" and "less safe" have any real meaning.
"Adequate ventilation" is defined as a well-functioning spray booth, or outside. Outside is often not practical in terms of scale models.
Instructions and considerations for spray booths can be found online. If you are exclusively using non-flammable materials for building and painting, one can even be made of wood.
So to answer your question, what is best is to invest in a good spray booth, bought or home-built. I use acrylic paints exclusively, mostly Vallejo, some Tamiya. For Vallejo, their proprietary thinner and cleaner work very well. For Tamiya X and XF series paints, 90% isopropyl alcohol serves both functions.
I'm also a fan of GREX airbrushes: excellent performance and easier to clean than any other I've seen or tried. Thayer & Chandler are also good, and of course there are cadillacs like Iwata. Be advised that learning to airbrush is 75% science and 50% art. Just do the math.

Buy a decent air brush, not a cheap one from Amazonk.That will save a lot of frustration.