Has a chronograph (fancy term for stopwatch) but doesn't have an alarm or countdown timer.
No. The 8 in the small bottom circle is the actual seconds hand (40 seconds)
The small top circle is the minute and hour hands of the chronograph. Both are at 0.
Looks pretty clear to me โ exactly 40 seconds.
If it was 41, you would see the larger tick mark for the 40-second marker (like you do for the 35-second marker).