RS485 is one of the most robust wired serial communication protocol that can support distance upto 1200 meters (4000 ft) while CAN (Controller Area Network) is used in automotive that offer high immunity to noise in cars.
This RS485/CAN HAT will enables your Raspberry Pi to communicate with other devices stably in long-distance via RS485/CAN protocol. Yes, this board support both RS485 and CAN, birectional communication. You can use both the standards/protocols at the same time because each of them uses different peripheral for communication. CAN controller uses SPI while RS485 uses UART from Raspberry Pi.