Yes, I was giving a simplified description to convey how to translate what floating point is to something people are more familiar with.
The technical details of how it handles _every_ case weren’t particularly relevant.
However just to address 1,2 with some hilariousness (autocorrect wants this to be “hilarious mess” which may be more correct).
Ieee754’s 80 bit format was the first widely deployed format, and was largely used by intel to get the other manufacturers to stop trying to reduce the functionality of ieee floating point because “it couldn’t be implemented, implemented efficiently, etc”. However because of that it has a quirk that was fixed for fp32,64,etc.
FP80 uses an explicit bit for the leading 1. That means it can do 1.0 * 2 ^^ N, or 0.1 * 2 ^^ N it should hopefully be immediately obvious why this could be a problem :)
Not only do the multiple representations for a single value result in sadness, it also gives us a variety of concepts like pseudo-denormals, pseudo normals, pseudo infinities, pseudo nans, etc all of which cause their own problems.
Mercifully by default the only hardware fp80 implementation now (since 286 maybe?) defaults to just treating them as invalid and converts to Nan. But you can set a flag to make it treat them as it did originally.