1. No, but 128 tracks or so are no fun anymore...
2. Not sure what you mean. You use an I/O matrix for each song, which by default is patched 1:1 (channel 1 -> track 1 -> channel 1), but you can change any settings and based on that you can select input source and output destination for each track in Studio One.
This is for Pro and Artist, no idea if Prime has the matrix.