The pole is perpendicula to the hulls when it goes in the water. When the boat is upright, the pole is pointing down into the water. Caution here: in shallow water you have to be sure you start pushing the pole aft so it does hit bottom and break.
Yes, once righted, take the knot out of the loop and get aboard. The pole will drift straight back. Reach over the back and resecure it to your aft beam.
Rick