1) That message informs you about your support status, not about license status. It’s a different thing. Item support is a service provided by the theme author. Having support for your purchased item means that the author will be available to you, the buyer, to iron-out any potential issues you have in using the item.
But even if your support expired your license is lifetime and you can use the theme on your site and get updates for that.
2) If you renewed your support period then just click the refresh icon https://prnt.sc/p1dreYWJgOBi and it will be updated in your Dashboard too.
One standard license is valid only for 1 project. Running multiple projects on a single license is a copyright violation.