There's no way to really tell if it's common specifically for someone named Jojo. However, in general, reading fanfiction is a popular activity among fans of many different franchises. The Jojo series has a large and dedicated fan base, so it's likely that there are fans named Jojo who partake in reading fanfiction, but we can't say for sure how common it is without more data.
Perhaps this Jojo is interested in exploring different interpretations and stories within the Jojo universe that fans have come up with. Fanfiction often takes the existing characters, settings, etc. from the original Jojo series and creates new and unique storylines. So, this Jojo might be a big fan of the series and wants to see what other fans have imagined.
Yes, there might be such fanfictions in the vast world of wrestling fanfiction. Many fans like to create fictional scenarios involving their favorite wrestlers, and a pregnancy storyline between AJ Lee and John Cena could be one of those creative ideas.
It depends. Maybe there are some telltale signs or elements that suggest it's a JoJo reference fanfic, but without specific context, it's hard to say for sure.
The JoJo manga is mainly in black and white. Colored versions exist but are not the norm. Sometimes, colored illustrations are done for promotional purposes or by fans.