Having owned Malamutes I can share the following:
I expect the coat to blow twice a year with some minor shedding being constant. I brush weekly to help control it- spritzing with water helps prevent hair damage and also assists in containing what would be clouds of fuzz floating all over. I bathe him every 6 weeks or so.

I would not shave a northern breed unless absolutely necesssary. (severe matting, wooly coat, medical condition etc). You are correct in assuming it helps insulate from heat, as well as cold. The note about it not coming back correctly is also true.

Dodgemonster has not yet begun his moult this year- maybe June?
I have been collecting shed fur for spinning/knitting- maybe an afghan someday?