The Standards Sync tool gets installed after installing the OHDOTCEv02 WorkSpace Tools Installer. it is the third step to setting up the OHDOTCEv02 workspace (after running the installer and the WorkSpace Setup Tool). The sync tool is used to do the initial download of the workspace files (,dgnlibs, .cel...) as well as sync the workspace with any updates that have been made to the OHDOTCEv02 workspace. It can also control workspace compatibility with different Bentley Civil Schemas.
There is also documentation for this application, which can be found at the link below. Please note this document is not a walkthrough guide, it is to document the available options and what they do/mean within the application.
https://ftp.dot.state.oh.us/pub/CADD/CADDSync/OHDOTCEv02/OHDOTCEv02_StandardsSyncTool.pdf
(Note beginning of video references the OHDOTCEv02_AdminTools_Installer which has been renamed to OHDOTCEv02_WorkspaceTools_Installer. further mode some of the functionality of the old installer was separated out to its own tool called OHDOTCEv02_WorkSpace Setup Tool. After running the installer, the 2nd step would be to run the workspace set up tool and then the 3rd step is to run the sync tool. the beginning of this video is just out of date.)