Yes, the rotkeil is the female and the other is the male.
Severums do a pretty good job of raising fry in a community tank. My pairs always manage to get their spawns to at least free-swimming stage. This is usually when tankmates start picking them off. The only issue I've had is with large plecos. They will go in at night and eat eggs. If you leave a nightlight on for them (I leave a lamp on in my fish room) they will guard the eggs around the clock. I have some mouthbrooding severums in my 210 right now with month-old fry and they've managed to successfully fend off eight Geos, a psittacus, three other severums, and a large pike cichlid. The fry are already about thumbnail size. If I were to turn the lights off, the fry would be gone the next day.
I'd let them try and hatch the eggs themselves. You can siphon off the fry as they go free-swimming and move them to a separate grow-out tank if you want. Otherwise, your only options are to either remove the entire piece of wood they spawned on and place it in a separate tank, or just give the pair their own tank. You could also divide the pair from the rest of your fish if they're on one end of the tank.