The position of the rectangle in the World View pane is not very correct. It is just a coarse estimate on where to locate the product.
The reason for the 180 degree rotation is that SNAP alwas shows the scene according to its acquisition geometry (ascending or descending) and north is not automatically up. That is completely normal and will be corrected after projection or terrain correction.
The reason why your image looks distorted lies in the nature of Level 1.1 products. They are displayed in slant geometry, where some pixels are still closer to the sensor than others which leads to irregularly shaped pixels. Once you performed multi-looking the image looks better. Please also see here: GTC (Geocoded terrain corrected) data
If you are generally new to SAR, I can recommend the SAR EDU materials:
Also the online course of the EO College is fantastic. The latest lesson is on imaging geometry.
https://eo-college.org/lessons/geometry/