The Default MRM policy doesn't to actual "retention" of data, it's used to either remove items, or move them to the Online archive, if enabled. For the purposes of preserving data, you need to use the "new-style" retention policies in the Compliance center (https://learn.microsoft.com/en-us/microsoft-365/compliance/retention?view=o365-worldwide), or put the mailbox on hold (https://learn.microsoft.com/en-us/exchange/security-and-compliance/in-place-and-litigation-holds).
Removing the license will cause both the primary and archive mailboxes for the user to be "disconnected", and deleted after 30 days. There is no way to recover data from such mailboxes past the 30 day limit. Even support won't be able to help you in such scenarios, but you can always open a case, just to make sure you've exhausted all options.
The exception to the above is any mailbox that was put on hold, or under the effect of a "new-style" retention policy. Both those functionalities require a valid license to be assigned to the user though, so removing the license puts you in unsupported configuration and direct violation of the license agreement. At least for the time being, it will not result in any data loss, but Microsoft can change this behavior at any time.
TL;DR version:
1) No, if no Online archive is enabled for the mailbox, any tag with the "move to archive" action will be ignored
2) Yes
3) No
4) No