Does Wear Down fizzle if one of the targets is removed before resolution?

I have two questions about a specific scenario that happened tonight at FNM please.

Player 1 cast [[Wear Down]], gifting a card to Player 2, targetting one of Player 3’s (my) things and one of Player 4’s things.

Player 2 and 3 passed priority, Player 4 cast [[Slip Out the Back]] on the creature, phasing it out, along with the equipment on it that was targeted. Then all players passed priority.

Question #1: Does Wear Down resolve? When it was cast, it was defined that a card will be gifted, therefore it must target 2 things, it’s not ‘up to’ and it’s not a ‘may’. None of us were sure so we ended up leaving Player 3’s enchantment intact.

Question #2: I think I found the answer to this on this on this sub but might as well ask, does Player 2 draw a card? It is my understanding that drawing the gifted card is part of the resolution, so the answer depends on whether it fizzles or resolves.