Specifically items with roles: Button, Radio Button, Check Box, Menu Button, Pop Up Button or Slider.
It wont include text fields unless they are implemented as some for of button.
I'm not sure what you mean. The scan in the menu lasts while the action remains displayed. The button name is valid if the button is in the relevant window with the name unchanged.
You can use indexing ([3]). But it's not likely to be robust.
The field is a token text field, so I suppose you could increment through the index.
The host or the system. Keyboard Maestro just performs the action as selected.
It does what it says and applies to any element that implements the action. It shows the menu. You might be able to use Type Ahead after that to select the entry.
The Button condition can check button states and uses the same system.
Probably. ish. The system uses a fair amount of complexity to discover the name/description of the button.
No, it is just a periodic check while the action is running to see if it can perform the action or not.
The Select Menu by Name action is a completely different thing, it is a UI for selecting menu items.