What happens if Server 1 creates a file in EFS? Can Server 2 access it?

Yes, Server 2 can access it immediately.
Amazon EFS provides a shared file system. When Server 1 creates a file, it is saved directly to the cloud network, allowing any other connected server to view or modify it right away.

Which security group rule is required for EFS?

TCP port 2049 inbound.
Specifically, you must add an Inbound Rule to the EFS Mount Target's Security Group that allows TCP traffic on Port 2049 originating from your EC2 Instance's Security Group.

. What is mounting in EFS?

Mounting in EFS is the process of attaching your remote Amazon EFS cloud file system to a specific folder on a compute resource (like an EC2 instance, an ECS container, or an on-premises server).

Which port is used for NFS traffic?

The Network File System (NFS) protocol primarily utilizes Port 2049. For NFSv4 (Modern Standard), TCP 2049 port is used. For NFSv3 (Legacy standard), TCP/UDP 2049 is used for the core NFS data transfer, TCP/UDP 111 is used by RPCBIND (portmapper) to route service requests and Dynamic / Random Ports is used for services like mountd, statd, and lockd.

Does EFS storage capacity need to be specified in advance?

No, you do not need to specify EFS storage capacity in advance.
Amazon EFS is completely server-less and elastic. It automatically grows and shrinks as you add or remove files. You only pay for the exact amount of storage you actually use at any given time.