RE #1: Yes. You’ve got it
RE #1: Yes. You’ve got it correct. Regarding what happens with broadcast encoding of movies, believe it or not, ATSC allows broadcasters to send 720/24p and 1080/24p though I am unaware of any that actually do. Most 24p content (this includes movies and many TV shows) just telecine the content to 720/59.94 frames/sec. or 1080i/59.94 fields/sec. Technically, the 24p could also potentially be recovered via Inverse Telecine algorithm and played back properly at 24p though it is rarely implemented. WMC is only responding to the content the way most devices out there that deal with TV broadcasts do.
As a side note, while it is well-known that BD films are always 24p, DVDs are also almost all 24p as well. Some DVDs were authored with a “hard telecine”, but most just had MPEG flags that told the player to telecine. The “progressive” DVD players actually were capable of playing the DVD back at 24p and there are some software players on the PC that will allow this as well.
RE #2: Yes. MPC-HC is one such tool. It is actually an open-source software player. You can see just about all the details of the renderer when playing back in MPC-HC.