It cuts splatter down a lot by covering the pan while still letting heat work. You will still get normal cooking steam, but not the usual oil flicking out.

No. It is made to let steam out, so food keeps cooking properly instead of going soggy like it can under a solid lid.

Yes. You can lift it quickly when you need to, but most of the time you can cook without hovering and constantly checking.

It is designed for frying heat. Use it like a pan cover, avoid direct flame contact, and let it cool before folding or washing.

With normal stovetop use it should hold its shape well. Like any silicone tool, keeping it off direct flames helps it last longer.

It should not. If you notice any new product smell, a quick wash before first use usually clears it.