Dynamic state estimation (DSE) accurately tracks the dynamics of a power system and provides the evolution of the system state in real-time. This paper focuses on the control and protection applications of DSE, comprehensively presenting different facets of control and protection challenges arising in modern power systems. It is demonstrated how these challenges are effectively addressed with DSE-enabled solutions. As precursors to these solutions, reformulation of DSE considering both synchrophasor and sampled value measurements and comprehensive comparisons of DSE and observers have been presented. The usefulness and necessity of DSE based solutions in ensuring system stability, reliable protection and security, and resilience by revamping of control and protection methods are shown through examples, practical applications, and suggestions for further development.