More specifically, how do and work? Each one says 1 damage point but they are tier 2. Are they supposed to work in conjunction with other like-element attacks? Am I overthinking it?

There's a very old topic here that lists what they do: [topic not found]. You can also find the information on SubetaLodge.

Glaciating Pylonic has a moderate chance to freeze and Regenerating Pylonic boosts your pet's strength and defense by 100 during battle. Since they are classified as potions, you have to equip them directly to your pet via the inventory.

I save Glaciating for battles that are close and an extra (potential) freeze will help me win the battle. I use Regenerating at the beginning of battles against tougher opponents when I feel like that extra boost will give me an edge.

Most of the time I don't use them, but I always have them equipped.

Okay, I'll check that out. I didn't know about that.

Well I've had plenty of these battles so thanks for the tip.