PeterJoh200
1. If you install August SUs, the installation part is done. But you must enable Extended Protection manually to be protected against vulnerabilities described in CVEs that were released in August. So no, installation alone is not enough to be protected from all vulnerabilities. When in doubt, run Health Checker script and it will tell you. https://aka.ms/ExchangeHealthChecker
2. LMCompatibilityLevel needs to be 3 or above, but not after SU installation. This is required for Extended Protection. In other words - you can install August SUs and you will have no issues. However, if LMCompatibilityLevel is less than 3, then clients will have issues connecting to servers where Extended Protection is enabled.
3. Unclear what you mean by this, sorry can you clarify? The LMCompatibilityLevel requirement as far as Extended Protection goes is documented at https://aka.ms/ExchangeEPDoc