Teaching with a textbook
I think that the third option is widely accepted. Students will complain about the other two, though different students and for different reasons.
The book is an outline and is a fallback for students. If it has good exercises, then they can get practice. But you will still want your own exercises to supplement in many cases, and certainly for exams. But I think a lot of, maybe most, professors follow the outline of the book even if they don't lecture precisely from it. Their exercises may be a mix of those taken from the book and those they develop themselves.
And, encourage students to take good lecture notes and not depend completely on the book.
And using your own material lets you adapt a bit for your students if they don't fit a standard model.