Yes, recovery addresses are only kept as long as they are needed by the owner of the account - as soon as you remove it from your account, it's removed from our systems too. You can also replace it with a different recovery method: https://proton.me/support/set-account-recovery-methods
You can learn what is and is not encrypted here: https://proton.me/support/proton-mail-encryption-explained
Regarding IP logging, you can find the details here: https://proton.me/legal/privacy (they are not logged by default)