A) not directly in the wort. Common practice is to put the brew bucket in a bigger bucket filled with water. Like a builder's trug. This has the value of adding thermal mass that can help with stability of temperature.
B) the thermostat on the heaters is not great. The hysteresis is usually large and the calibration is iffy. Better to think of it as a failsafe and to use an inkbird to do the temp control.
C) wattage? Well, how long is a piece of string? Ambient storage conditions. Desired fermentation temp. Etc etc.
I get away with a 35w (just) for a 30L fermenter in a large trug (another 15L of water) in my garage for ferm temps between 12 and 22 degrees.