1) Is it possible to display something other than the "formatted name", which I believe is the same as the username in the Profile view (See image sample)

Yes, edit the "User Profile Page Title" tab within CB > Tab Management and change "User Profile Title text" under the Parameters tab to whatever you like. Substitutions and language strings both supported.

2) Is it possible to hide the View count?

Set the "hits" field within CB > Field Management to not display on profile.

Is there a list of Substitutions like "_UE_PROFILE_TITLE_TEXT" published anywhere in case I want to revert back to the default settings.

That's just a language string. You can even override the language string instead of changing the parameter using language overrides shown below if you don't want to change the parameters default.

www.joomlapolis.com/blog/kyle/18701-language-overrides-have-arrived

It's be useful to have this handy as CB has some many options for substitutions!

See the below tutorial for substitution usage information. It's not possible for us to tell you what substitutions are available beyond the core fields, which tend to be obvious (e.g. [name] or [username]).

www.joomlapolis.com/documentation/279-community-builder/tutorials/18353-using-substitutions-throughout-cb