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A framework describing practices for managing IT services: incident, problem, change, service request, and a good deal more.
It is a vocabulary and a set of practices, not a standard you comply with. Adopting all of it is a programme; adopting three parts of it is a Tuesday.
Incident: restore service. Problem: find and remove the cause. Change: control what you alter deliberately.
The distinction between the first two is the highest-value idea in the framework, and it costs nothing to adopt. Most teams that never mention ITIL benefit enormously from it.
For most teams, no. Adopt the distinctions rather than the programme.
Separating incident from problem. It costs nothing and changes how recurring faults are handled.
At scale, often. For a small team it usually costs more than it returns.
Half an hour with your own data usually saves reading three of these. The guides will still be here afterwards.