It helps if you break it apart into its component parts. Which is like anything else, really, but we've all accepted that regexes are supposed to run together in an unreadable mess. No reason it has to be that way.
Not necessarily. For just debugging purposes, you can still break them up to help understand them. Even ignoring that, there are options in languages that don't implement /x.
At my company we store our regex in the database with linebreaks in it, but when it's actually called to be used those line breaks are stripped out. That way regex that looks for X can all be all on one line and actually readable.