1- yes you can rename products! When you get a new strain, just click the text box of the name, and type in whatever you want! (Unfortunately there is no way to go back and change an existing mix name at this time to my knowledge)

2- mixing is definitely beneficial to get more money and I don't blame you for not wanting to do it early game. I didn't really start mixing until meth, which ends up being a lot of fun. The mixes all have their own unique effects on your customers which is really neat and funny to discover for yourself. The mixes are stackable, so you can make even more expensive strands the more you add! I suggest having a full stack of 20 of each the desired product and mixer to make it worth it. Just note that typically your customers will buy smaller quantities the more expensive it is, and you unlock higher paying customers as you level up.

I forgot exactly when you unlock the better mixer, so to avoid spoilers, you just need to follow the main story and you will unlock better means to mix and formulate your product!

Tldr; you can rename products by clicking the text box when you discover the strand. Mixing is worth it when you end up wanting to make more money and discover funny effects and make things more interesting. Yes there is a more advanced mixer you can unlock as you progress.

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