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Oh, that the salvation of Israel would come from Zion!
This is an exclamation. The writer is saying what he wishes or longs for God to do. Alternate translation: "I wish so much that the salvation of Israel would come from Zion!" (See: rc://en/ta/man/translate/figs-exclamations)
Oh, that the salvation of Israel would come from Zion!
Here "the salvation of Israel" is a metonym for Yahweh, the one who saves Israel. Alternate translation: "Oh, that Yahweh would come from Zion and save Israel!" or "I wish that Yahweh would come from Zion and rescue his people Israel!" (See: rc://en/ta/man/translate/figs-metonymy)
then Jacob will rejoice and Israel will be glad
These two phrases mean the same thing. Here both "Jacob" and "Israel" represent the people of Israel. The two phrases can be combined in the translation. Alternate translation: "then all the people of Israel will rejoice greatly" (See: rc://en/ta/man/translate/figs-parallelism and rc://en/ta/man/translate/figs-synecdoche)