Here are my thoughts on this.
Editor and Terminal
This is most likely the more lightweight solution. Editor and terminal often don't consume much space (or, at least, come bundled with the operating system so it doesn't really matter) and start fast.
Using editor and terminal can demonstrate students that writing a program can be done without using a huge IDE including a lot of tools, as it is essentially not more than writing down instructions using a normal text editor and executing them.
An advantage, especially for beginners, could be that it doesn't overexert the students with too much information - in contrast to IDEs that come with syntax highlighting, code style checking, automatic error correction and code suggestion.
It's worth noting that there are multiple "levels" of editors: When choosing the editor, one could choose between a simple text editor without any programming-related features (not even syntax highlighting), more advanced editors that have syntax highlighting, or something like IDLE, which is an IDE on the one hand, but at least in my opinion more like an advanced editor. This could help finding a compromise between a fully-featured IDE and a text editor.
IDEs are most likely a more heavyweight solution. Normally, they consume a lot of disk space as well as memory and have a notable startup time.
They can assist fixing errors by highlighting them and providing possible solutions. This is definitely an advantage in day-to-day use, however, when it comes to teaching how to find errors, one could interpret this as a disadvantage, as it's possible that students start to rely only on their IDE when searching errors and wouldn't be able to find them without any help.
Furthermore, IDEs can help to improve programming speed with features like autocompletion, built-in refactoring tools etc.
A feature that could be nice to have for beginners is that IDEs normally have a nice debugger which could be used to motivate students to debug their code when they see an error. This is something the editor/terminal combination can't achieve - even if there are command line debugging tools, they are most likely not user-friendly enough.
What I believe is also worth noting (inspired by Ben I.'s answer to a related question, thank you) that IDEs come with integration for professional developer tools like version control systems or unit testing. I am not sure whether this is already needed in the first year of programming, but I can definitely come in handy later.