Yes, and yes but only if you are the Family Sharing Organizer and do not disable purchase sharing.
Bundle Apple subscriptions with Apple One - Apple Support
https://support.apple.com/HT211659 for a list of plans and included features
See the part about Family Sharing in the FAQ at the end.
How to share purchases with your family - https://support.apple.com/HT201079
- "When you turn on purchase sharing, everyone in your family gets access to apps, music, movies, TV shows, and books that family members buy. The family organizer is billed for family members' purchases" (but read the document for the link to "learn how purchases are billed if a family member has Apple ID balance").
- "When purchase sharing is turned off, you can continue to share subscriptions like Apple TV+ and Apple Arcade."
Stop sharing purchases with your family members on iPhone https://support.apple.com/guide/iphone/stop-sharing-purchases-iphac405cfd6/ios
"If adult and teen family members don’t want to share purchases and billing information with family members, they can turn off purchase sharing for themselves."
https://support.apple.com/HT212253
"Who is charged for the subscription?
If Purchase Sharing is turned on, the family organizer pays for everyone's subscriptions.*
If you're the family organizer and you don't want to pay for family members' purchases and subscriptions, you can turn off Purchase Sharing.
When Purchase Sharing is turned off, everyone must use their own
payment method. When Purchase Sharing is turned off, family members can
share subscriptions, but they can't share individual purchases like apps
or books.