Yes it does both of those things, Librewolf is just Firefox pre-configured for privacy. You could use Librewolf or you could configure firefox yourself to be equally private, Librewolf is just taking advantage of the features built into FIrefox but left optional for users.
It is a tremendously unpleasant sounding word. It along with ‘boob’ make me cringe. I’ve no idea what Blep even means though.