Adv negates the penalty, bless & anything else you might have (magic weapon, high rolled stats, whatever) is just gravy.
No. It does not negate the penalty, you *still* have a -5 penalty.
The PC is hidden and attacks, needs a 10 to hit, but has advantage. If he chooses to use GWM, now needs a 15 to hit, but has advantage. You will hit less often with GWM.
They are independent... using GWM *still* provides a penalty and causes you to hit less often. They are two independent adjustments, regardless of how many bonuses you get, you will hit less often with GWM than without. (Caveat: unless the bonuses mean you need less than a 2 to hit)
Using a +2 bow does not 'negate' the cover penalty. Sharpshooter does negate the cover penalty.
WIth a +2 bow, you will still hit less because of cover than without cover.
With Sharpshooter you will hit the same either way.