Can not really say what you have in picture one. It may be either, and they may be the same part just some one is calling them a different name.
What that picture shows is the valve that will transition over to just half of the brake system working in a catastrophic pressure drop.
A braking system generally applies some rear brake first, and then the fronts come on as the back build up pressure. This can be done many ways. Smaller calipers on one end, valving in the MC, some type of valving that you show in picture one.
In most production cars the manufacturers choose not to change much in the way of lines between systems. They may change the master to get more fluid flow needed for calipers, but the plumbing is sort of all the same.
You do not say if these parts came off of the car. I would think the MC maybe different for a caliper system. The one pictured does seem to have the same size chambers, but who knows about the valving inside.
Are you going with a complete aftermarket kit? If so you may have valving in the MC to do away with the block. If you are using production pieces and it looks like you are I would guess it should be included.
I would say in the era of vehicles you are working with,the brake system was the most complex system and the least understood. Lets face it most never use it to its full potential, until a panic stop is needed. Most of the time I would bet that the system never used but about 40% of its ability. That is just the way most people drive.
On the engineering side, a braking system is way over built for for what is does in most cases. It is the few cases that you want the full use of it when it is needed.