Would the TR be created while releasing the process order?
Yes, TR will be created while releasing the process order however you need to make sure that Storage location is maintained for the component,same storage location is mapped with warehouse and WM-PP interface is active for the warehouse
Is there any relation between the control cycles and the process order and also with production schedule profile?
Production scheduling profile : In a production scheduling profile you define a list of activity (e.g. Automatic Goods receipt,Auto Batch creation, Parameter for capacity leveling, what action needs to be carried out on order release and order creation) you define production scheduling profile to a material in "Work scheduling" tab of material master
Control cycle - you define a control cycle to a Material, Plant and Supply area (Line side) combination, This Control cycle helps you to understand from which supply area (Line side) system should consume the stock during back flush or direct consumption (During order creation system picks the storage type and storage bin value from control cycle and update the reservation table)