You are correct on 1-4. For #3, everything will look exactly like a normal non-test user, so as far as the user is concerned, it'll look like they're paying, but they won't be charged. This can catch some users out, so make sure you notify them in advance.
For #5, I think the channel and products remain as purchased on the user's Roku account even after being removed from the test users, but I'm not 100% sure on that.
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