I don't know if you get the rewards but if you have multiple, then the next one which is up will get selected automatically. Therefore you don't have to monitor it and change it yourself.
Does it change it instantly, or on the next era?
You only get rewards for points the operator earned during the Era. For example if an operator goes offline half way through the era you'd only get about 50% your usual reward. If the operator is offline at the next election of operators they will not be elected and you funds will be allocated you one of your other operators from your nominations. This is why it's important to choose operators with a good reputation for uptime.
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