1 To a certain extent- knopwing the common suffixes and prefixes is undoubtedly useful, but tere are problems, like the negative prefix, where there are a number of possibilities and few rules governing their use.
2 'S' make sugest a snake, but it doesn't suggest a sandwich, shop, etc. I really don't think there's much to be gained from going down this path as a theory, though it may well be possible to make some mnemonics to assist Chinese learners. Language is widely regarded as arbitrary here, so there's no real reason why we say 'apple'. You can explain it through the development of the language and the family it belongs to, but the fact that the first people chose 'apple' is regarded as an arbitrary choice.