"Olympic" recurve generally refers to a recurve bow with the additional accessories that are permitted in international regulated competitions, such as: an elevated arrow rest, plunger button, sight, stabilizers, and clicker. Usually these accessories are used on carbon fibre or aluminum risers with interchangeable limb systems, but that isn't a technical requirement for competition. These accessories are also not required for competition but anyone choosing not to use them would be at a serious disadvantage.

Modern recurve has a stiff riser, r.g. aluminium, and detachable limbs. You can actually use the same basic bow for Barebow and Olympic recurve.

I am pretty much a newb but I believe Olympic recurves have weighted stabilizers and sights that would be quite unwieldy in a hunting or speed context. Compounds seem to be for those who prioritize power, ease of use, and accuracy.