Nighthawk App does not identify iPhone/iPad devices when Private WiFi is on

Recently, I upgraded my home network (new Netgear Router and WiFi AP).  Netgear includes an app “Nighthawk” that allows me to monitor my home network.  I noticed that all of my devices are real easy to find except our two iPhones and iPad.  I noticed for these 3 devices the MAC address on the Nighthawk app are different than the Wi-Fi Address (MAC) in “Settings”.  As it turns out this is because the Private Wi-Fi Address is turned on in each of my networks (e.g., 2.4GHz, 5 GHz, and Guest).  When I turn Private Wi-Fi to the “OFF” position then I see the real MAC ID which does map to what the Nighthawk App shows.  When I turn it on I get a strange name on the Nighthawk app (e.g. DEV-89:34:FA instead of iPad Cris).  I now know how to find out which device is which by temporarily turning off the Private Wi-Fi setting but I got to thinking is this Private Wi-Fi Address a good thing that should always be on?  My questions include:

1. If Private Wi-Fi (PWF) is the solution, what is the problem?
2. Is PWF location specify – a best practice when you are in Public but has minimal value when at home (as one example)?
3. Are there any other downsides to always keeping it on other than not being able to see the device when using network management software (e.g. performance hit).
4. Are there any upsides to always keeping it on (protects against security vulnerabilities)?
5. Any thoughts on how I can still see the descriptive name of the device on Nighthawk app when PWF is on?