CF Images - transformations vs variants

With the new(ish) Images product, I'm confused the difference between Transformations and Variants.

My plan is to use R2 to store images, and use the Images product to sit in front of the R2 to serve them (with flexible variants).

https://developers.cloudflare.com/images/transform-images/
https://developers.cloudflare.com/images/manage-images/create-variants/
Transformations let you optimize and manipulate images stored outside of the Cloudflare Images product. Transformed images are served from one of your
Variants let you specify how images should be resized for different use cases. By default, images are served with a public variant, but you can create
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