I just assumed light speed was a colloquialism for hyperdrive.
At any rate, hyperdrive blows warp out of the water in raw speed. A trip across the galaxy is just a few days. The downside is that you're pretty much limited to already charted safe routes unless you want to test your luck with potential ship-killing hazards that can't be detected before hitting them.
It's both. I think "jumping to lightspeed" is an in-universe misnomer for jumping to Hyperspace. Han Solo misuses the terminology the first time we're introduced to the concept (so does Kenobi, for that matter), but in that same scene he does make a distinction between lightspeed and hyperspace. The ship still needs to accelerate to something very close to light speed to slip into the parallel hyperspace dimension, so it kinda tracks between the two concepts.
Hmm, I suppose you're right. I don't know why sci-fi purists are okay with that explanation when logically nothing can move faster than the speed of light. I've seen more debate over whether a blaster is a laser weapon or a plasma weapon. I guess they had a hard time reconciling the line from Han about how the Falcon does "Point five past light speed". At this point, I've accepted that hyperspace and FTL travel in Star Wars is basically just the wild west and nobody is trying to clarify how any of it actually works, they just want to have cool scenes.
You also can't leave or enter the galaxy Star Wars takes place in, except for a small perforation called Vector Prime. There's a galactic barrier in place that causes hyperspace to just kinda...stop working.
Wanna make your own hyper space jump not using hyper space lanes? Bring one of the talented young ladies of Thrawns species, you will be fine until said young lady is no longer young