As long as your hacked console isn't banned, you can just setup a Nintendo Account on that one. Contrary to popular belief, insta-bans are a myth.
If you have 2 consoles, you can just use one for CFW and one for online play. That way, you don't have to worry about the hacked console being banned or staying offline because you have a backup Switch.
The fuses are an optional step in hacking. The current exploit is a tethered coldboot meaning to gain access to CFW, you need to tether the Switch to an external device such as a computer, Android, or rooted iOS device. This type of exploit is not ideal to everyone and there may be better exploits hiding on lower firmwares. However, you normally burn fuses when updating which prevents you from downgrading* Thus, the community created ways of updating without burning fuses. That way, you can update your firmware and retain the ability to downgrade in case a better exploit is released in the future for lower firmwares.
As for CFW, they all offer similar benefits such as homebrew, game modding, backup launching, etc. There are 3 main CFW to choose from each with their own accompanying guide. They each have their own little quirks but the biggest difference is that SX OS is the only CFW that has features locked behind a paywall. Those features are .XCI loading (all CFW support .XCI installation), EmuNAND (which Atmosphere is working on), cheat support (Atmosphere supports this now), and HDD support. There are exclusive features in the free CFW however such as AutoRCM not being removed during system updates, proper shutdown while AutoRCM is enabled, and being able to send payloads while the console is still on (known as reboot to payload). There is unfortunately no one thread that details all of the differences but my personal recommendation is to use Atmosphere. ReiNX is similar to Atmosphere but has a lot less files so its easier to setup and maintain. SX OS is not worth the price in my opinion but if the features I listed are worth it to you, you can buy it.
SX OS:
https://sx.xecuter.com/
ReiNX:
https://reinx.guide/
Atmosphere:
https://guide.sdsetup.com/