1. Asus will tell you if you need to take special precautions, otherwise a direct update is fine.
2. You should be able too, they dropped support for Ryzen 1000 CPU's... Your 2700X won't harm the upgrade process
3. Windows 11 supports MBR but won't boot from it.... Simply have 10 convert your boot drive to GPT... You should be able to do it from 10's drive manager.. It shouldn't be a problem or cause any data lose, it's a pretty generic conversion...
4. That bios "Supports 11" but will work just fine on 10, you don't have to upgrade the OS..
Supports by default just means it's enabled secure boot and TPM, neither of which will effect you 10 install
In other words, Yes... Update the bios, swap CPU's and your good to go.. You shouldn't have to do anything else..