Yes, but you are still dependent on a movement threshold with Events Only recording, and it isn’t the one you set for cloud recordings. Some think it is 50% on that scale. So you might miss something, and you don’t get notified of any recordings.
Yes. Continuous Recording is the preferred way to go IMO. Say you wanted to know when a car appeared in front of your house. May be too far away to trigger anything. But continuous recording would capture it. Then it would just be a matter of calling up Playback below the live feed window, and dialing back the timeline until the car disappears. Then expand the timeline with a reverse pinch, and move forward until the car appears. Then you might even see if someone got out and where they went.
There is also a Playback button on cloud events. So if something is captured there, just press that button and it will go to the exact same time on your SD card, and play you as much of the event as you want to see!
2-3 days for HD, 7-8 days for SD. I use mine in HD mode, and rarely ever want to go back beyond yesterday.