Implications during shrink and force merge on index rollover

I have index lifecycle policy (hot phase 1 month -> warm phase, read only) and during rollover there is automatic operation of shrink and force merge.
My index has 2 primary shards + 1 replica (after shrinking it's 1 primary + 1 replica).
Shrinking and merging operations for index that has many documents can take significant amount of time.

Is the index being rolled over during that time searchable? (I think it should be as replica is not touched but search performance might be lower)

What are other implications if such operation takes long time?

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