Yes and yes.
It's a great scholarship and a fabulous university; I'd definitely encourage you to apply. That said, it's also incredibly competitive. There are about 80-90 scholarships awarded each year, out of the thousands of international graduate applicants, so please don't count on getting it. Cambridge has other funding sources (CISS, Cambridge Commonwealth Trust, Cambridge Overseas Trust) and if you tick the right boxes on the application and get it in by the deadline you will be considered for those as well, but they're also extremely competitive. Cambridge does not guarantee any funding for any of its accepted students, and it's not a great economic climate right now.