@2: Research on the topic seems to disagree with you. You're not taking less risk, you're just trading one risk for another.

Vanguard Research actually wrote a paper about this called 'Dollar-cost averaging just means taking risk later' [0].

Or if you would like more recent research the paper 'Dollar Cost Averaging v.s. Lump Sum Investing' by Ben Felix [1] is worth a read imho.

0: https://www.passiveinvestingaustralia.com/wp-content/uploads...

1: https://www.pwlcapital.com/wp-content/uploads/2020/07/Dollar...

Edit: Formatting