Yes. If I remember correctly (and I might very well not - and the documentation is sparse to non-existent on this!): In the olden days, Recordings used to be called Tracks, then they got renamed in NGS, and then at a later point, we realised that we actually did want unique Track-as-on-Release IDs as well, so we made a new Track pseudo-entity. MusicBrainz was around for ~11 years before NGS though, so there are a lot of legacy tags, so we couldn’t just repurpose them.
Nope, that’s right. Releases (nee “albums”) had “tracks”, they got renamed to “recordings” during NGS.
Shortly after, we decided to have the separate “track” entity too, slightly related to the mediums/tracklists which during a short tenure used to have separate entities as well, (which I suspect it might come back with alt. tracklists…)