I suppose less processed would be better if possible: processed meat and ham often has quite a lot of starch and dextrose too.
That said, I'd take ham over the 'healthy' lentils, oatmeal, apples, brown rice etc they would probably advise you to eat instead: I think quite a lot of the suspicion over processed meats comes from the same mindsets that tell you to avoid red meat, eggs and butter. There are issues like excessive sodium in some processed meats that you should be aware of, and I think 'a lot' of anything might be inadvisable, but I've found processed meat very useful in controlling my blood levels.
The cancer stories I've seen tend to be Daily Mail type things which bellow ' raises cancer risk 15%', but neglect to point out that 15% of a negligible base is not necessarily as dramatic as they wish to portray.