I'm currently developing my package with Node v12.14.0 on my local machine but a PR I received from Dependabot made me think about how that influences the compatibility of my library.
I'm just looking to know if there's any "standard"/recommended way to handle this, or if I should just decide which works best for me and not worry about that.
There is no "standard" way to handle this. You can put the node version in package.json to define the minimal engine version.
{ "engines" : { "node" : ">=0.12" } }
If you want to make it available for most of the developers, use the active LTS version. Dubnium (v10) is still supported, so you can define it as a minimum requirement to make it available virtually to everyone.