The Q2 2020 product update highlights Acquia's response to COVID-19 and their advancements in digital experience platforms, including the launch of new products and features. Key highlights include improvements to their Drupal Cloud, the introduction of Cohesion 6.0, and enhanced capabilities in the Marketing Cloud and Agilone for better customer engagement and data management. The update also emphasizes a focus on seamless integrations, performance, and training to support developers and marketers in delivering effective digital experiences.