If it happens to be horizontal and motionless, then it will stay that way. But it could also be tilted or even rotating at a steady rate. No, moment of inertia embodies both mass and its distribution about the axis of rotation. The more of the mass that is located far from the axis of rotation, the larger the moment of inertia. For example, a ball of dough is much easier to spin than a disk-shaped pizza, because the latter has its mass far from the axis of rotation.
Cats manage to twist themselves around by exerting torques within their own bodies.
They aren't rigid, so that one half of the cat can exert a torque on the other half and vice versa. Even though the overall cat doesn't change its rotation, parts of the cat change their individual rotations and the cat manages to reorient itself. Overall, it never had any angular velocity. As for skydiving, that is mostly a matter of torques from the air. As you fall, the air pushes on you and can exert torques on you about your center of mass.