Water removal is the broad service of getting standing water out of a space. It covers pumping out a flooded room, a basement, or a crawlspace, and clearing accumulated water so the area is no longer underwater. Extraction is a more equipment-focused part of that work, the pulling of water out of carpet, padding, and flooring, but the goal of removal overall is to get the standing water out of the space.
Removing the water is not the end. Once the standing water is gone, materials like subfloor, framing, and drywall are still holding moisture. Drying is the step that follows, using air movers and dehumidifiers with monitoring to bring those materials back to a dry, stable state.