Yes, but it is already in a decaying orbit and will fall/burn up within a few months. The ISS has to be reboosted routinely in order to keep it in orbit.
Yes, though depending on the part we are talking about it can take up to a couple of years. The mission has been designed to avoid creating small untrackable debris and everything is below the ISS.
Fun fact, as all the missions deployed from the ISS, the RemoveDebris satellite is already classified as a debris in the NORAD satellite catalogue.