Is pausing a rule the only way to stop it?

just wondering if there is other options other then pausing ? using a button

You can disable it. Look for the very hard to see faint gray X in the upper right hand corner of the apps list. Hit that, and a hidden column will appear that allows any app to be disabled.Screen Shot 2020-10-31 at 5.24.15 PM

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I look to do it with a button ... when I push it

You could have the button toggle a virtual switch and in the rule only perform the steps if the switch is either on or off. You may also want to setup a rule to reset the state of the virtual switch at a certain time in case you forget to push the button again or in the rule where it doesn't run if it is in a certain state, reset the state of the virtual switch when it doesn't do the other steps.

There's an exit rule command in Rule Machine that I use in several scenarios.

If a delayed action within a rule is in the delay period and the rule is paused, does the delayed action get paused as well. When the rule is resumed, does the delay resume from where it was when the rule was paused?
Thanks

No. A delay sets a scheduled event for the end of the delay period. That is at a certain specific time in the future. If the rule is paused at that time, nothing happens. If the rule is paused and resumed prior to that time, the delay is still over at the original time.