Yes, all conditions will run in parallel, and the steps inside the conditions (a.k.a. inside the Group) will run sequentially. It’s like you tell 10 people to go to the store and buy eggs - they’ll all follow their instructions sequentially (enter store, grab eggs, pay, exit store).
Yes, there’s no built-in safety against overloading. You might exceed the CPU limit or OS limits such as the number of open files for outgoing connections. An open file may be an outgoing socket in Unix terms.
Research about open files limit and/or ephemeral ports
I wouldn’t execute more than 50 things in parallel, and would preferably stay at 10. A realistic OS limit would be 1024 by default (usually lower due to other processes using resources as well)