To answer your questions,
- That's normal right now. I know that you can disable these notifications on mechanical failures by decreasing the engineer verbosity, at least this was the case in the previous two games, but I kept it on full the entire time. I think that's realistic though, as you only know about mechanical failures when it's too late. See Nico Hulkenberg in Bahrain 2019.
- That's normal so far as well. I always would have preferred a kind of gearbox problem in which the wear jumps to 80% and you lose a gear, and then the team tries to fix the problem, and if you're lucky, the gear comes back, the highest chance would be that the gear does not come back, and with a very low chance (10% or so), the problem is critical, the wear jumps to 100% and you have to stop the car. Also, I don't know why the gearbox can only be shown yellow at most and not red.