When I tried to rename the page names to a friendly version of it, I got a pop-up that the page name would be changed permanently. Will it permanently change the page name? Is there any way to assign a nickname or a friendly page name for the pages?
Welcome to the community.
Yes you are right. Renaming pages will permanently change the page name in all the reports that you have. However you can restore it - https://marketing.adobe.com/resources/help/en_US/reference/name_pages_admin.html
Also check out this article on Page Naming best practices by Adam Greco - http://analyticsdemystified.com/general/page-section-site-naming-best-practices/
Hope this helps.