No fin rot is not that instantanous. It isa bacterial problem and will degenerate the fins. If the fins have "rotted" back to the body stem, there will be no saving your tankmate.
It sound as though you have a fin nipper in the tank. Have you introduced any new tankmates within the last 4 days? Have you noticed any change in behaviour of any of your tankmates. Aggression or stress etc?
The anwer to both your questions is, yes.
The answer to the question previous is also yes. I think you know what the answers are, but just want confirmation of it. What I would advise is go with your instincts. "Gut" feelings are seldom wrong.