It is absolutely no different than setting string action on any other guitar.
The nut is set for proper action at the 1st fret, and the saddles are set for proper action at the last fret.
Don't over think it. It's really just that easy.
It looks to be a Squier Standard series, so my guess would be no.
Unless you can get pics of the underside of the pickups, it's virtually impossible to tell what they are.