Electronic – Must IO pins each have their own pull-up/down resistor

The input is high-impedance and as such hardly draws any current. But let's, for sake of argument, pretend there flows a (rather large) current of 1\$\mu\$A. This current will flow through the 10k\$\Omega\$ pull-up resistor causing a 10mV (1\$\mu\$A \$\times\$ 10k\$\Omega\$) voltage drop across it. So in this case the voltage on the input pin will be \$V_{CC}\$ - 10mV, probably 5V - 10mV = 4.99V. That will be still recognized as a high level, so no problems here.
The 10k\$\Omega\$ is a typical value for pull-up resistors for this reason: even if there's a small leakage current the voltage drop is negligible. Don't be tempted to increase it to 1M\$\Omega\$, though it will decrease the current when the switch is closed. At 1\$\mu\$A leakage current the voltage drop will be 1\$\mu\$A \$\times\$ 1M\$\Omega\$ = 1V, and then the 5V will drop to 4V. For a 5V supply this will still be OK, but for a 3.3V supply the resulting 2.3V may be too low to be always seen as a high level.

For the pull-down the story is about the same. There doesn't flow any current in the input; you can't say that it would be connected to ground (in which case closing the switch would indeed cause a short-circuit). As such the input takes the voltage you apply to it. If the switch is closed this is \$V_{CC}\$. If the switch is open it's ground (through the pull-down resistor). If there's no current flowing (ideal world) then there's no voltage drop across the resistor either, and the input will be at \$GND\$ level. In a real world situation it may be a few mV.

Strong means low resistance. Weak means high resistance. Of course low and high are relative terms, and so are strong and weak. The reference for this relationship must be inferred from context.

A strong or low resistance pull-up/down resistor is good because the time constant formed the load capacitance (often, the input gate capacitance, and the PCB trace capacitance) is small, so rise/fall times will be short.

A strong pull-up/down resistor is good because noise currents from unintended coupling and EMI will result in smaller noise voltages. (Think about Ohm's law)

A weak or high resistance pull-up/down resistor is good because it will not require much current from the driving circuitry to work against the resistor. Batteries will thus last longer, parts can be smaller and don't get as hot.

Of course, you usually want all of these things, but a resistor can't be both. A discussion about strong vs. weak is usually clarifying which of these concerns (or perhaps others) are more important for a particular application.