You can install Ubuntu into a USB drive in different ways
a live-only and installer USB drive
Such a drive lets you run Ubuntu 'live' alias 'Try Ubuntu'. You can use the bundled applications, and you can install program packages, but the installed programs do not survive a reboot.
Such a drive is often used in order to install Ubuntu into an internal drive, but it can also be used to install Ubuntu into another external drive.
a persistent live USB drive
Such a drive lets you run Ubuntu 'live' alias 'Try Ubuntu'. You can use the bundled applications, and you can install program packages, and the installed programs survive a reboot. But there are limits. You cannot install new linux kernels. Programs, for example hardware drivers, that {are/should be} started before the overlay for persistence is started might be possible to install, but the new version will never be used.
A persistent live drive is very portable between computers.
an installed system in a USB drive
A USB drive (or an eSATA drive) with an installed system can be updated & upgraded like any installed system without limits.
But if you want it to be portable between different computers, you should avoid proprietary drivers (typically for graphics and wifi). Such a system is portable, but not as portable as a persistent live system.
Fast USB 3 drive
In order to get good performance, you should get a fast USB 3 pendrive, or even better, connect an SSD via USB 3 or eSATA.
Access files from Ubuntu and Windows
Supposed that I need to access files inside the USB on WINDOWS 10
(Default OS on my laptop), can I access it directly, or should I move
the files to my Laptop first?
It is a good idea to create a separate data
partition (with the label 'data' and) with the file system NTFS. Such a partition can be accessed by Ubuntu as well as by Windows 10, and it is much better than to write from one operating system into the system partition of another operating system.
Since several years I use a data partition, where I store most of my personal files. (When I was dual booting with Windows, I used the file system NTFS, but now, that I use only linux, I use the file system ext4
in the data partition.) Another advantage with a data partition is that it is easy to backup the personal files. I can do it with a separate method from the backup of the operating system.
Links
Try Ubuntu (Kubuntu, Lubuntu, Xubuntu, ...) before installing it
help.ubuntu.com/community/Installation/FromUSBStick
help.ubuntu.com/community/Installation/FromUSBStick#Notes_about_speed
help.ubuntu.com/community/mkusb
help.ubuntu.com/community/mkusb/persistent
Boot Ubuntu from external drive.
How to change default permissions on automounted usb flash, formatted in NTFS?
Auto mount, and change mount points on login