Following up on @pbelmans's answer and researching an article mentioned in OEIS A007018, I believe your Question 2 was answered just under 100 years ago by David Curtiss (On Kellogg's Diophantine problem, Amer. Math. Monthly 29 (1922) 380-387).*
Curtiss confirms Kellogg's conjecture that the maximum $x_i$ in any $$\frac{1}{x_1} + \frac{1}{x_2} + \cdots + \frac{1}{x_n} = 1$$ is given by the sequence $u_1 = 1$ and $u_{k+1} = u_k(u_k+1)$ which begins 1, 2, 6, 42, 1806, 3263442. On p386 he explains, "But the value $u_n$ is actually attained by giving to the $x$'s the values $u_k+1$, so that $u_n$ is the maximum of $f_{n-1}(x)$." (That last expression is something he defined to simplify the proof.) Indeed,
\begin{gather*}
\frac{1}{1+1} + \frac{1}{2+1} + \frac{1}{6} = \frac{1}{2} + \frac{1}{3} + \frac{1}{6} = 1, \\
\frac{1}{1+1} + \frac{1}{2+1} + \frac{1}{6+1} + \frac{1}{42} = \frac{1}{2} + \frac{1}{3} + \frac{1}{7} + \frac{1}{42} = 1, \\
\frac{1}{1+1} + \frac{1}{2+1} + \frac{1}{6+1} + \frac{1}{42+1} + \frac{1}{1806} = \frac{1}{2} + \frac{1}{3} + \frac{1}{7} + \frac{1}{43} + \frac{1}{1806} = 1, \dots
\end{gather*}
* There's also a sci.math.research thread from 1996 where a claim that Curtiss's proof is wrong is retracted, but the proof does seem to be difficult to follow. Gerry Myerson provided a reference to a simpler 1995 proof by Izhboldin and Kurliandchik.
I'm including a comment to @katago here so that answers to both questions are in one place.
Looking through MathSciNet, the most recent upper bound may be Browning & Elsholtz 2011, something like $$(1.264085...)^{(5/12)^{2^{n−1}}}$$ where apparently the 1.26 is a known constant that arises in these problems. There are also lower bounds in the literature.
So the short answer to Q1 is no, at least not yet.