If by obvious question you mean “why is it called a minute,” that is because “minute” means “small.” So you have the first minute (small) part and the second minute part of the hour.
If by obvious question you mean “why is it called a minute,” that is because “minute” means “small.” So you have the first minute (small) part and the second minute part of the hour.
It’s not a notification, it’s the icon for the “sleep” focus in iOS: You can set different focuses on your phone that are triggered automatically or manually and let you filter notifications, change home screens, and more.