Correct. At least the clock stopped giving the Refs, chain crew and both teams time to get downfield for the next play. But if they change that rule, it would NOT stop on an incompletion.
Again, there's no reason it couldn't be treated the same way as any other play. Stop the clock long enough to get set, then wind it. There's no reason other than history, for an incomplete pass to have different rules.
Simplify the rulebook, eliminate exceptions, place less of a burden on the officials to remember a bunch of inconsequential details.
And yes I realize these things are unlikely to happen. But what are message boards even for, if not to discuss such matters?