There are also a few similar posts on how to interpret balances, which may help with figuring out how to interpret these results
You end up with m-1 attributes since we are dealing with proportions, which live in a m-1 dimensional space. The ilr is a direct mapping from the m-simplex to m-1 real space.
Another way to think of it is the ilr transform computes the transformation between the proportions in the tips and log ratios in the ancestral states in the tree. If there are m tips, there are exactly m-1 internal nodes.
No. The ilr tranform will not give pairwise correlations, that is a very different discussion. I would look at tools such as SPEIC-EASI to answer those sorts of questions
If I am understanding this question correctly, the answer is yes.
Each balance just represents two groups of features (in the context of phylogenetics, you can think of a balance as an ancestral state in the phylogenetic tree.)