My answer will stress the importance of the second of these formulas dealing with angle doubling or halving. I wish that you have already seen matrices, a fundamental tool for dealing with geometry in general and trigonometry in particular.
It is true to say that formulas
$$\tag{1}\cos^2{t}=\frac{1}{2}(1+\cos{2t}) \ \ \ \ \ \ \ \ \text{and} \ \ \ \ \ \ \ \ \sin^2{t}=\frac{1}{2}(1-\cos{2t})$$
and their sister formulas:
$$\tag{2}\cos(2t)=\begin{cases}2\cos^2(t)-1\\1-2\sin^2(t)\\ \cos^2(t)-\sin^2(t)\end{cases} \ \ \ \ \ \ \ \ \text{and} \ \ \ \ \ \ \ \ \sin(2t)=2 \sin(t) \cos(t)$$
are, among, say, a dozen or two dozen trigonometric formulas, the most used, just because they involve doubling/halving of angles, an operation that is very often encountered.
in Physics, for example in Optics.
in Mathematics, let us take 2 examples in plane geometry (among many):
A) the matrix of the (orthogonal) symmetry with respect to line $y=\tan(t)x$ is:
$$\tag{*}S_t=\pmatrix{\cos(2t)& \ \ \sin(2t)\\\sin(2t)&-\cos(2t)}$$
(one can verify that $S_t$ an orthogonal matrix with $\det(S_t)=-1.$)
What is the interest of formula (*) ?
For example showing that the composition of two symmetries: $S_t$ followed by $S_{t'}$ is a rotation $R_{\alpha}$ with angle $\alpha = 2(t'-t)$, the double of the angle between the two axes of symmetry; almost instantaneous proof:
$$\tag{**}S_{t'}S_{t}=\pmatrix{\cos(2t')& \ \ \sin(2t')\\\sin(2t')&-\cos(2t')}\pmatrix{\cos(2t)& \ \ \sin(2t)\\\sin(2t)&-\cos(2t)}=\pmatrix{\cos(\alpha)& \ \ -\sin(\alpha)\\ \sin(\alpha)&\ \ \ \ \ \cos(\alpha)}$$
B) the reduction of conics.
Let us look for the change of variables that will transform the quadratic form
$$\tag{3}Ax^2+2Bxy+Cy^2 \ \ \ \ \ \ \ \ \text{into} \ \ \ \ \ \ \ \ A'X^2\pm B'Y^2$$
(having no longer a "rectangle term").
Let us take the following change of variables, which amounts to a rotation $R_t$:
$$\tag{4}\binom{x}{y}=\pmatrix{\cos(t)& \ \ -\sin(t)\\\sin(t)&\ \ \ \ \ \cos(t)}\binom{X}{Y} \ \ \ \iff \ \ \ \begin{cases}x=X \cos(t) - Y \sin(t)\\y=X \sin(t) + Y \cos(t) \end{cases}.$$
(with unknown $t$). Plugging (4) into (3) gives
$$A(X \cos(t) - Y \sin(t))^2+2B(X \cos(t) - Y \sin(t))(X \sin(t) + Y \cos(t))+C(X \sin(t) + Y \cos(t))^2 $$
$$=\left(...\right) \,X^2 +
\left( 2B(\cos^2(t)-\sin^2(t))-(A-C)2cos(t)\sin(t)
\right) \,X\,Y + \left( ...
\right) \,Y^2$$
(where the dotted coefficients are unimportant at this step).
Suppressing "rectangle" term $XY$ amounts to find $t$ such that
$$ 2B(\cos^2(t)-\sin^2(t))-(A-C)2cos(t)\sin(t)=0$$
Expression that can be transformed into:
$$ 2B\cos(2t)-(A-C)\sin(2t)=0 \ \ \ \iff \ \ \ \tan(2t)=\dfrac{2B}{A-C}$$
$$\iff \ \ \ t=\frac12 atan\left(\dfrac{2B}{A-C}\right)\pm \frac{\pi}{2}$$
It has been possible to find this "unique" value of $t$ thanks to formulas (2)!