I would call it one of the most important innovations of the last 20 years. Name another true write-once-run-anywhere universal VM that is installed in billions of consumer devices and costs nothing. It doesn't exist. The only way the entire modern software ecosystem is even possible is because of the web as a platform. Literally everything else is a non-portable closed proprietary stack.
Java certainly meets your criteria and exists. But much like the person you are replying to, I consider the "modern software ecosystem" to be utter garbage. Web browsers are just a terrible user experience for applications compared to the desktop. We have regressed greatly in user experience, not progressed.
It does not. Nothing about Java provides a sandboxed runtime environment.