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.
Yeah, I feel like OP may not have actually used Fedora… By default Fedora is probably the least similar to Windows of any major distro (this is actually one of the most commonly expressed frustrations with new users).