This is true. Neither the EAA nor any other academy or flight school guarantees you a place at EgyptAir. How long it takes depends on how good you are and how much the airline needs pilots. I know people who graduated a few days before the application deadline, applied, and got accepted. On the other hand, there are other pilots who have been unemployed for as long as 15 years.
Correct. Once you finish your training, you sign a seven year contract with EgyptAir.