If a law is going to treat 5 year olds differently from 50 year olds then a line has to be drawn somewhere. 18 is arbitrary, but no more arbitrary than any other age you could pick.
There is precedent for such a system, e.g. minors can petition to be emancipated which allows them to be treated in many regards like an adult.
Yes, that is what I meant. Choosing some arbitrary magic number like 18 and declaring that anyone under that age is too dumb or too irresponsible to decide is about as stupid as declaring that anyone over 65 is incapable of decision making because they might have Alzheimer's.