Xcode LLVM+GCC 4.2 - Generate Debug Symbols

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I'm having a library project, I've always had "Strip Debug Symbols" turned ON for release builds

I recently noticed the "Generate Debug Symbols" flag. When I set "Generate Debug Symbols" flag to NO then my library size shrinks by 30%

Is this a reasonable optimization to make for release builds?

What is the difference between "Strip Debug Symbols" and "Generate Debug Symbols" option, ideally if I strip debug symbols won't all the generated debug symbols go away? Why am I seeing this difference?

Also what other optimizations other than -Os (Fastest, Smallest) I can make to reduce the binary size?

How does "Strip Linked Product" works?

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