The but is 6ft long.
Yes it will fit in that hole.
You position the handle over the bit shaft and into your wall opening that you cut for the outlet. With a bit of trial and error you can slide the bit around and position it away from the drywall and to the center of the stud.
The had a couple of sizes in the store. I got the 9/16" which is just right for the 12-2 wire that I was running. This size is a bit more flexible and easier to work with than the larger ones.
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