Question 1: In addition to the steps provided in the link above, do I need to do anything else ?

If you enable Log Tracing, you will see tracing data generated in the <MI_HOME>/repository/logs/wso2-mi-open-telemetry.log file. Since you're running on a Kubernetes environment, could there be problems with your file mounts, if any?

If you are configuring an OTLP Endpoint, you'll have to provide the appropriate endpoint URL. Could you please show your configurations on how are you configuring the endpoint URL for Loki/Grafana?

Question 2: Other than exporting the runtime logs using fluentbit, are there any other recommended ways of sending the logs to the log store ?

Any log based analytics solution such as Filebeats + ELK or Fluentbit should be fine.