Hi Ritesh,
Thanks for your interest in the PTN5110(N)DHQ!
Here are the answers to your questions:
1. Yes, by default safe 5V is provided for backward compatibility.
2. NXP recommends using either Kinetis, LPC or i.MX RT MCUs to execute PD firmware which is part of the MCUXpresso SDK.
3. The PTN5110 PD PHY drives the communication across the CC lines. On the MCU runs the PD firmware that supports the PD negotiation and communicates with the PTN5110 over I2C lines to perform functions such as requesting power level. So NXP's solution separates PD manager and PD PHY.
4. No, it is all you need for your application.
Best regards,
Tomas