Basically, Yes, Yes & Yes.
HABITAT is an AHAS inhibiting herbicide (for the technically-interested); somewhat similar in mode of action to ROUNDUP (glyphosate), though active on an different enzyme production-site.
Its primary entry-point is through the leaf-surface, although it is also soil-active if applied to terrestrial sites (avoid doing this anywhere near desirable trees). But, when applied directly into aquatic sites, it photo-degrades fairly rapidly.
Although I compared it to glyphosate, it appears to be much more capable at controlling emergent rooted plants - particularly cattails, even prior to catkin formation - and lotus.
As with all herbicides, obtain and read the label instructions (and water-use restrictions) before making any purchases.
Lastly, HABITAT will soon be available in quarts; which are well suited to small pond environments. I expect the quarts (a new container-size) to hit the dock around mid-May.