Here are the two definitions again:
$$\Delta G_{Rx} = \Delta G_f^{products} - \Delta G_f^{reactants}\tag{1}$$
$$ \Delta G^o_{Rx} = \sum_i s_i \Delta G_{f,i}^o \tag{2}$$
What exactly is the difference between $\Delta G^o$, $\Delta G_f $ and $\Delta G$ ? Does $\Delta G^o$ imply standard conditions and $\Delta G_f $ at some condition ?
The $^\circ$ added to a thermodynamic values does imply standard conditions. So you could rewrite equation 1 for standard conditions:
$$\Delta G^\circ_{Rx} = \Delta G{^\circ_f}^{products} - \Delta G{^\circ_f}^{reactants}\tag{1*}$$
Now, (1*) and (2) say exactly the same thing.
What is the difference between standard Gibbs energy and Gibbs energy of formation?
I will rephrase the question as "what is the difference between standard Gibbs energy of reaction and standard Gibbs energy of formation?". Typically, you would look up the standard Gibbs energy of formation, as those are the ones available. (Importantly, the standard state also sets partial pressures and concentrations, as the Gibbs energy is dependent on those). The symbols you show are for the Gibbs energy of reaction, a molar quantity (units Joule per mole). A change in Gibbs energy in general could also have dimensions of energy (units Joule), so it is important to differentiate.
So what is the difference?
The standard Gibbs energy of formation refers to a small set of standard Gibbs energies of reactions: Those with a single product and a coefficient of one, with reactants all elements in their allotrope present and most stable at standard conditions and the given temperature. This tells you that the standard Gibbs energy of formation for elements (the most stable allotrope in its physical state at the chosen temperature) is zero by definition.
Here is one such reaction:
$$\ce{1/8 S8(s) + 3/2 O2(g) -> SO3(g)}\tag{A}$$
For reaction (A), the standard Gibbs energy of reaction would be equal to the standard Gibbs energy of formation for sulfur trioxide.
I can write the reaction in a nicer form:
$$\ce{S8(s) + 12 O2(g) -> 8 SO3(g)}\tag{B}$$
For reaction (B), the standard Gibbs energy of reaction would be 8 times the standard Gibbs energy of formation of $\ce{SO3(g)}$, as equation (2) or (1*) will tell you.
We could have a different reaction that makes sulfur trioxide:
$$\ce{SO2(g) + 1/2 O2(g) -> SO3(g)}\tag{C}$$
To calculate the standard Gibbs energy of reaction (C), you would need to know the standard Gibbs energy of formation of $\ce{SO2(g)}$ as well.