- No and Yes.
You have circled both a fuse F1 and a ferrite bead FB16.
The wavy component is the fuse, rated 5A. The ring with wire through is the ferrite bead.
Ferrite beads are typically rate d at 100 MHz frequency, so it would be rated 100 ohm @ 100 MHz rated for 4A current. Now, what is missing is the resistance, i.e. how much the voltage drops based on current.
Maybe, either for providing supply when USB not applied, or testing the supply when provided by USB. Your guess is as good as anyone's, but when I designed something with USB, I also had same arrangement for powering the boards to check if they are safe to plug into a PC that would program the boards.
Yes, for protection, not because external supply connector, but simply because it's USB. It is a hot-plugged interface and there can be large voltage and current steps, when device is plugged in or unplugged, and how bad the surges are depend on cable and which end of the cable you either plug or disconnect. The cable has inductance and you need to handle that.
Also, the way you drew the schematics is wrong and will not work, it is not done as per USB specs. It looks like the same issue made famous by Raspberry Pi. You simply cannot tie CC pins together and expect it to work, except in a couple of scenarios but not all.
Edit: Oh it actually is the RPi schematics. You should have mentioned it.