I suspect parent is using "a service like Wise" even though they believe they're using Crypto. That's because for an end to end transaction to complete in under 10 minutes it has to be performed by an exchange (not actually settled on chain). There are many cases like this where the "crypto" part is just theater. Money is being moved the tradition way by altering records in a non-distributed database.
Depends on the chain. Some networks are quite fast.
But it could also be theater, yeah. A friend of mine buys USDT on a P2P exchange and immediately sells it (so, sends money to a stranger’s bank account and then gets paid by another stranger). It could just as well be some e-wallet thing like WebMoney or whatever, but the fact that you can move USDT to your own wallet instead of immediately selling it makes it a bit more reassuring I guess.