Yes, LED light bulbs do generate heat. Fortunately, they do not get hot enough to pose a threat. Lights in general will get hot due to energy running through the light. The benefit of LED light bulbs is that they do not get as hot as other lighting alternatives. With the advancements in technology, newer LED light bulbs will not get as hot as older LEDs.
Yes, LED light bulbs are recyclable because they have tiny microchips. Microchips have heavy metals in them that are harmful to the environment. It is recommended that you recycle the light bulbs instead of throwing them away. If you are curious about where you can place your light bulb, look for an updated list of local places you can dispose of them.