The two Synology applications mentioned throughout the video are 'Synology Hyper Backup' and 'Synology Cloud Sync.' Early in the video, it introduces 'Synology Hyper Backup' as the primary focus for setting up backups from a Synology NAS to Backblaze B2 cloud storage. It elaborates on the utility of 'Hyper Backup' for creating comprehensive backups, including multiple past versions of files, which could be invaluable for users needing to revert to previous states of their data.

Additionally, 'Synology Cloud Sync' is discussed as an alternative for users looking to synchronize their files across multiple devices and cloud storage, which can be particularly useful in workflows requiring regular access to updated files from various locations. The video clarifies the differences between backup and synchronization to help users decide which application best suits their needs based on their specific requirements for data management and protection.

Towards the end of the video, it effectively demonstrates the process of setting up a backup job using 'Hyper Backup,' including creating a backup bucket in Backblaze B2, configuring the NAS for backup, and the subsequent steps to ensure the data is securely backed up in the cloud. It provides a comprehensive guide on utilizing 'Hyper Backup' for robust data protection strategies, alongside a brief mention of 'Cloud Sync' for those interested in file synchronization solutions.