There's no hp bar, but they have certain animations and 'desperation' patterns that show they're about to die. When they flee back to their nests tend to be the halfway point.
Every weapon style has some kind of gameplay loop that leads to an ultimate attack or super buffed version of an attack for that burst damage. Attacks on the head does indeed count as critical damage, and permanently removing a piece of the monster weakens attacks or defence related to that piece.
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