How to adjust ride height?

Is it necessary to loosen the pivot bolt on control arm while adjusting the adjuster studs?

Yes! you want the shaft to pivot freely while you adjust the height. Torque the shaft nuts only after you're happy with your height adjustment.

Depends. If the pivots nuts were torqued at your current ride height, then yes, loosen and tighten at your new height.

If the pivot nuts were torqued at the factory ride height and then the suspension sagged over time resulting in your current ride height, no, because you’d be returning the suspension to where they were torqued.

Since you probably don’t know what height they were torqued at, the best solution is to loosen them and re-torque at the new ride height.