The Specific Metrics Receiver is referring to enable any receiver that is relevant for your use case. In this case, you should use Prometheus receiver.
• Do I need a Prometheus server to be able to read the metrics?
No
• Once exported, how does Signoz process the new names? i.e., how can I can find the new metrics by name? Does it use any naming convention?
It follows the same naming convention the cloudwatch exporter sends
SigNoz is an open-source APM. It helps developers monitor their applications & troubleshoot problems, an open-source alternative to DataDog, NewRelic, etc.