Yes. Depending on your content type, Flickrocket transcodes the content into different formats for different platforms, applies different DRMs and hosts the files for high-performance delivery.
If a product is created/modified in Flickrocket, it is automatically synced to the Woocommerce shop if you have already connected the Flickrocket plugin in WooCommerce (logged in under settings).
Yes, you can edit them the same way as any other product. However, you should add the products in Flickrocket already with the correct title, cover image and description as that information is also used in the players. Also, you should be aware that if you make any changes in the Flickrocket product, your changes in Woocommerce may be reset.
Yes, you can use the "Digital Content" menu under "Products" in WooCommerce to sync selected products.