Question 2 is the important one and the answer is that a shop vacuum is right for this machine and wrong for some others, so it depends what else you own.
The distinction is high pressure, low volume versus low pressure, high volume. A shop vacuum moves a modest amount of air at high suction through a narrow hose. A dust extractor moves a huge amount of air at low suction through a wide one.
A table saw's under-table cabinet produces a lot of chips and needs volume, so a shop vacuum is genuinely undersized for the cabinet. Where the shop vacuum shines is the blade guard port on top, which is a small opening capturing fine dust right at the cut — that is a high-pressure job.
Which means the ideal is both, and if you only have the shop vacuum, connecting it to the overhead guard often collects more of the dust that matters — the fine stuff that hangs in the air — than putting it on the cabinet does.