No, only quitting to the main menu will remove you from the instance, if I am docked at an outpost & want to free up a pad to go (briefly) afk but not leave the game I just undock & fly away.
A KWS will improve your earnings from bounty hunting but it's main use is for obtaining bounties for factions other than the one in control of the system for tactical BGS use. So if you are supporting the controlling faction definitely don't cash in bounties for any other faction present in the system, if you are opposing a controlling faction definitely do use a KWS & hand in all local bounties except the faction(s) you are opposing.
Most of my mission running & armed traders have a KWS, better to have it & not need it imo, assuming I don't need the slot for anything more important
