Yes, both help with tuning.
3rd: There is a screw on the carb that mixes air to fuel also needed to be dialed in/out and left as an initial adjustment.
The vac gauge measures what you've done in ur tune helping you adjust more correctly.
The O2 gauge (modern cars have it as a computer sensor feeding back info on quality of burn gases to a/f mixtures adjustments) some of us install to use to tune more accurately.
This makes me think of these vehicles as a musical instrument - in need of tuning! i.e.: "That's a lill sharp, now a lill flat. Better go re-tune"…humm, slipping, after midnite...