1.) Yes, u can disrupt and go for the studies even when u have 2
mths of service left.
2.) I dun think u can serve during holidays because I never witness
one. But it is best to check with ur unit 
Every case I seen it, degree come back, serve the remaining service
term.
Pro: U can take ur time to look for a job. 2nd, enjoy the "break"
before stepping into the workin world.
Con: Ur soldiering skill/stamina is super rusty so it may impede on
ur service. Especially, after u come back, immediately kena big big
exercise. 2nd, when u manage to find a dream job while in service,
u are stuck in SAF. 