[Pro] RSS Feed Action

I have setup an RSS feed and page link as per the Knowledge Base instructions. What is not clear (to me) is how this all works. What does the new page with the .xml extension actually do?
Do I need a RSS logo somewhere on my index page and if so where should it be linked to?
Do I have to have a page which I regularly update to show what’s new or does an RSS link simply point the reader to the most recently updated page/s.
I would appreciate a clearer picture.
Many thanks

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