Each battle that you win will yield experience for each pet that participated. However, deceased companions will not receive any experience (so make an effort to keep them alive by swaping in a different pet). Experience gains are based on your pet's level compared to the wild pet. Defeating a higher level opponent will grant more experience than a much lower level one, but be ready for a tough fight!
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Good question. Me personally, when I use a new strat from somebody else, I always read thru the strat, and in the case I really need to level some pet, I then (likely) exclude strats that are mentioning things like “RNG”, “risk”, etc. But: I’m always happy (when using a new strat) when I see some detailed infos, so that I can estimate what is going to happen. But YMMV.
You’ll get a small window inside the game with instructions for what you need to do next, every step of the way to 120. You’ll also get a waypoint arrow that points you in the right direction to go at all times. If this sounds extremely convenient, you’re right! Zygor’s leveling guide/addon has completely taken the frustration out of leveling for me, personally. No more reading comments on WoWHead about how to complete quests. No more getting stuck, frustrated and bored with leveling. And no more feeling like WoW takes too much effort.