I am going through the basics of renormalization in QFT from Schwartz's book and I'm confused about what is the measurable coupling constant.
In the $\phi^4$ theory, to compute this $2\rightarrow2$ matrix element, Schwartz introduces a cut-off $\Lambda$ and the matrix element is then given by $M_2(s)=-\lambda-\dfrac{\lambda^2}{32\pi^2}\ln(s/\Lambda^2)$ for some energy scale $s$.
He then proceeds to renormalize and defines a renormalized coupling $\lambda_R$ by $$\lambda_R=-M_2(s_0) \tag{15.65} $$ at some reference energy level $s_0$, which means that $\lambda_R$ is an observable, hence physical. He then proceeds to find an expression for $M_2(s)$ that does not depend on the cut-off, but on $s$ and $s_0$; we're predicting cross-sections at one energy level with respect to a cross-section at $s_0$.
My questions follow:
(1) We could define another $\lambda_R'=-M_2(s_0')$ (which is again physical and measurable) and we could find $M_2(s)$ with respect to $s$ and $s_0'$. I think the physics of this is that our predictions are relative to an arbitrary energy level. What I don't understand is what is the physical parameter describing the strength of the interactions of the theory*.
(2) Before I reached the renormalization part of QFT, I thought it was the parameter in the form of $\phi^4$ in $\mathcal{L}_{int}$ but now I don't know what it is. I suppose that in QED (having seen its Lagrangian), the analogous quantity to $\lambda$ there is proportional to the electron charge, $e$. So, in that case, we have $e_R, e(s_0), e(s_0')$, etc. But then when everybody's talking about the value of the electron's charge, everybody agrees with a particular value. At other times, people say that it changes with the energy scale. So, what is the electron's measurable, physical charge?
*Is it that we just pick a reference energy level and define the renormalized coupling (or charge) at that level, but the actual parameter that describes the strength of the interactions changes with the energy? If so, this would answer (2).