Yes, it will consume space if you just do docker stop, unless you delete the container.
It is because, if you do docker start ubuntu_container1, it will start the same container, although not committed as image.
does this space get purged on schedule?
Not untile you remove the container with docker rm <container-id>, the space is not purged.
Can the container name reused for a different image?
No, you cannot use the same name, even if the container is stopped.
You can check all the stopped containers suing docker ps -a.