No, not in any noticable way. It’s a rolling release, which means you don’t perform big, whole-system upgrade (unless you don’t run the updater often). It’s not the only rolling release distro, but it may be one of the biggest. Being a rolling release generally means getting newer versions of software faster.

The Arch wiki may be the single best source of information about Linux software, and Linux on different types of hardware, that exists today. It really is incredible - and while it’s often useful outside of Arch, the wiki assumes Arch is the distribution, with Arch’s filesystem layout, standard tools, and instructions about dependencies and configuration. It’s most useful for Arch users.

The list of software packaged for Arch is vast, if you include the non-core, community-maintained package DB AUR, second only to the much older Debian.

Like most big distros, Arch has derivatives. EndeavourOS is an Arch-based distro that provides a simplified installation; you boot into a usable DE after installation. Artix goes in the other direction, and replaces systemd with a user-selected init, and requires much more fiddling to get running - but is consequently more customized. There are probably others.