This question may have been asked before, but I haven't found any that has a suitable answer for me.
I took a course of homological algebra this semester. We studied modules, category theory, and the definition of complexes and homology. We then rapidly saw the simplicial homology, to have a concrete example of the usefulness of homology.
But at the end of the course, we saw projective, injective and flat objects, and then the definition of derived functors, with the unavoidable examples of Ext and Tor.
But there is one thing that we haven't seen: why are the functors Ext, Tor and derived functors in general important? I mean, they kind of correct the non-exactness of the functors Hom and $\otimes$, but when is this fact useful in practice? Are they other properties that are useful?
I am a graduate student in a department of mostly algebraists/combinatorists, so I only know the very basics of topology. And after that course of algebraic homology, it seems to me that I only learned the tools, not what those tools are for, so I don't understand why I studied derived functors, and I'd like to know!
Thanks in advance!
Derived Functors give homology and cohomology. This is very useful in practice, because it also gives tools to determine then (co)homology groups explicitly, e.g., via some resolution. You have already mentioned Tor, which gives homology, and Ext, which gives cohomology. A particular example is group (co)homology, with coefficients in modules.