The first question is already answered in the comments, so let me focus on the second question. Note first that every (colored) Lawvere theory is in particular a (colored) PROP. This is easy to see from the definitions of a Lawvere theory and of a PROP, and is also proven as Proposition 4.2 in the paper Lawvere Categories as Composed PROPs by Bonchi et al. The idea is that if you're given a Lawvere theory then you map to a PROP where the required strict symmetric monoidal product of the PROP is the given cartesian product in the Lawvere theory. I previously wrote about this here.
So, if $M$ is a model category where every PROP yields a right-transferred model structure on its category of algebras, then the same is true for Lawvere theories. And, a criterion to guarantee this is given in the paper
On homotopy invariance for algebras over colored PROPs by Mark Johnson and Donald Yau, in Theorem 1.4. The idea is to use the path object argument in the category of $P$-algebras, so a symmetric monoidal fibrant replacement functor is required, and a cocommutative coalgebra interval can be used to produce functorial path objects for fibrant $P$-algebras (though, this can also be done in other ways). Examples of $M$ satisfying the requirements include simplicial sets, chain complexes over a field of characteristic zero, and simplicial modules over a commutative ring (page 2 of that paper). Donald Yau and I also investigated functorial path object data in our paper Right Bousfield Localization and Operadic Algebras, which includes many more examples like equivariant spaces and spectra, the stable module category, and the category of small categories.