1. Some plugins might affect the phase compared to the "dry only" signal, so it's best to use their own wet/dry controls in those cases since their own wet/dry controls will be compensating for this. (Otherwise if you use the blend control of the fx browser, it can cause phase cancellations.) You can test this by comparing the two; it would be pretty obvious, if the sound thins out when it shouldn't.
Also I guess the particular sweep of the wet/dry control (if it's linear or not) might be different, so you might have to turn one down more than the other to achieve the same effect.
2. Yes. That's of course taking the phase into consideration (see above). If it works the same with no phase cancellation, it's "paralleling" the effect (whatever it is).
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