Supervised and Managed Ipad

If the device is owned by your company, you should act like they have complete access (because in reality, they do). That said, I manage devices for a large company. I have neither the time, nor the inclination to go snooping unless legal tells me they need me to do so (and even then, I will push back to have a forensic analyst handle it, because while I am trained and certified in that, I don't want any part of it).

So, yes, they can see how long you've been on an app and what app you've been on. The reality is they likely don't care that much, and if you are using the device appropriately (considering it isn't yours), you shouldn't be worried either.

Yes. The device belongs to them.

We have an acceptable use policy. This lets our users know what they can do, and what they can't, as well as what we can and cannot do. You should ask if your org has one. If they don't, assume that the device is for work use only.

Yes. Whether they care about it is a different matter.

You are indeed being watched.