In the case of the Applications folder, the composite list which you’re used to seeing is a combination of those installed on the System volume, which you can see on their own in the top-level Macintosh HD > System > Applications, and those on the Data volume in Macintosh HD – Data > Applications. This is because of the way that the Data volume is attached to the System volume, using special two-way firmlinks. But look within that at Macintosh HD > System > Volumes > Macintosh HD > System > Library, and the folders you’ll see there don’t include what’s on the System volume. View the contents of that, and you’ll see for example a folder named Applications, which contains all the apps installed on both your System and Data volumes merged into a single list.
The Data volume actually appears in a list of other volumes which you won’t use, in Macintosh HD > System > Volumes, where it’s confusingly given the same name as the System volume, by default Macintosh HD. When your Mac starts up, it mounts the System volume at its root, and then attaches its paired Data volume quite differently. Other volumes, such as those on external disks, are normally listed in the Finder’s Locations, and in the top-level Volumes directory, but you won’t find the Data volume there as it’s mounted through the System volume. The two volumes aren’t equals, and don’t appear in the same places in the Finder or in paths in Terminal. When Catalina divided the startup volume into two, System and Data volumes, it did so into a special Startup (or Boot) Volume Group.
This article tries to explain why things are where they are, so you understand where to look. Go find something you used to be able to locate easily, like the XProtect data files, or a hidden folder which should be at the root of the Data volume, and you can end up going round in circles. If you’re just making your way up from Mojave or earlier, this is likely to be baffling. Even when you’ve been using Catalina or later for a while, their split startup volumes can confuse.