Yes, you have to collect baggages after arrive at Beijing Airport and also go through customs. At the public area of the arrival hall in T3, there is Left Luggage center for your use. However, if you go ahead to the transit area, you could re-check in the luggage at the counter of Air China. I think this way is much easier.

Both at the transit and departure area, you could find restaurants for dining. But, there is no hourly lounge here. For instead, please sit at the restaurants for a rest, and the large departure area is also a good choice.