Yep. That's about it. There's some question as to what the WISP considers commercial traffic versus home user traffic. My guess(tm) is that he doesn't care, and simply identifies the owner of the terminating VPN. If it's a commercial operation, that has telecommuters using its service, you're a commercial user.
Possibly true. If the VPN is NOT a split tunnel and DOES encrypt the IP headers, the WISP cannot determine what you're doing. However, if the headers are visible and not encrypted, the service port numbers will also be visible. From those and some traffic analysis, he can get a fair idea of what you're doing. As I mentioned, much depends on the type of VPN tunnel.
Realistically, he probably doesn't care unless your traffic dramatically increases. If your traffic is just company email and some document juggling, you won't attract any attention. However, if you screw up and misconfigure your end to pass *ALL* the internet traffic through the VPN and out via your employers internet connection, your traffic volume is going to drastically increase, which is certain to get the attention of your new employer.
Incidentally, many VPN's fail to appreciate much in the way of packet loss. If wireless link is furiously dropping packets, you're going to have problems staying connected. The easiest test is to use ping, or better yet, hrPING: Do a continuous ping to something local to your WISP, such as their gateway server. If all the delays are roughly the same, you win. If they are all over the place, you're seeing retransmissions and therefore longer latencies. You can fish retransmission statistics using SNMP from your Ubiquiti M2 radio, but it's easier to just use hrPING.
You should also run a MAX MTU test to make sure your WISP or anything along the roadway to your new job is messing with MAX MTU setting. I thought that was a thing of the past, but I just ran into it about 2 weeks ago.
See for thyself with Wireshark. Much depends on the type of VPN tunnel, and whether the IP headers are encapsulated.
True. But they know to whom you are connected. If the RDNS resolves to something like "telecommuter.vpn.example.com" on a Cisco EZVPN server, it's a fair assumption that you're using the WISP service for business purposes.