1. Potting is what you do when you want something to last as long as possible in the harshest of conditions.
    Anyone who knows what potting is knows that if something dies you basically have to replace the whole circuit, that’s not a concern because electronics circuits last decades when designed correctly.
    Also the point of potting is prevention.
    That means you sacrifice repairability in order to make it last longer so that you don’t need to repair it.

2) Not all potting is permanent, some can be removed, as seen here inside my hellfighter:

3) thermally conductive depends on which one you use.
The one I linked earlier is close to 1W/mk which is many times higher than air.
It is not the same as a thermal paste which is 5-10W/mk but still good enough for preventing overheating of the PCB components.

Potting is good for waterproofing, cooling, AND shock resistance, assuming you buy one which is designed for all 3.
Not just shock resistance.
Please do some research.