Yes, it has been reported that when you get the invite to order you can delay. The tri motor is likely to be very late 2027 or in 2028 as a 2029 model year.
Probably. No-one knows how long Rivian is going to honor reservations (year(s)), but most likely for a good long while so they can fill them. I would think once their Normal 100% capacity comes online and production capacity >= orders, reservations wouldn't matter except on holding price.