like larry said obviously they feel some pain because even making fake things look real can hurt. But yes it is very fake. Like they know and discuss every move they are going to make before they go out.
It's all fake but when it comes to a short slap or a punch in the stomach it is real. Since they are so strong and buff they won't feel a small punch or slap and in reality none of them get mad at each other. Behind the cameras they all get along and do it all for the money. I used to believe it was real when I was a kid.
Of course they feel it some things you can not fake. The outcome is predetermined but they feel a lot of the moves.
Like you said...it's fake, what does it matter?