$\newcommand{\om}{\omega}\newcommand{\Om}{\Omega} \newcommand{\de}{\delta}\renewcommand{\th}{\theta}$For each real $t>0$ and some $\om_t\in\Om$,
\begin{equation*}
\|x+ty\|
=|(x+ty)(\om_t)|=|x(\om_t)+ty(\om_t)|,
\end{equation*}
because $x$ and $y$ are in $C_0(\Om)$ and hence $x+ty\in C_0(\Om)$. For this reason and because $\Om$ is a metrizable locally compact space, we moreover have
\begin{equation*}
x(\om_s)\to x(\om_0)\quad\text{and}\quad y(\om_s)\to y(\om_0)
\end{equation*}
for some $\om_0\in\Om$ and some subnet $(\om_s)$ of the net $(\om_t)_{t\in(0,\infty)}$ (directed downwards, from $\infty$ to $0$).
If we had $|x(\om_0)|\le1-\de$ for some real $\de>0$, then we would also have
\begin{equation*}
\tau(x,y)=\lim_s\frac{|x(\om_s)+sy(\om_s)|-1}s
\le\lim_s\frac{1-\de/2+s|y(\om_s)|-1}s=-\infty.
\end{equation*}
However, since $\|x\|=1$ and $x\in C_0(\Om)$, we have $|x(\om_x)|=1$ for some $\om_x\in\Om$ and hence
\begin{equation*}
\tau(x,y)\ge\lim_t\frac{|x(\om_x)|-t|y(\om_x)|-1}t=-|y(\om_x)|>-\infty.
\end{equation*}
So, $|x(\om_0)|=1$. So, by symmetry, without loss of generality (wlog) $x(\om_0)=1$. Therefore and because $\|x\|=1$ and $\|y\|<\infty$,
\begin{equation*}
\begin{aligned}
\tau(x,y)&=\lim_s\frac{|x(\om_s)+sy(\om_s)|-1}s \\
&=\lim_s\frac{x(\om_s)+sy(\om_s)-1}s \\
&\le\lim_s\frac{1+sy(\om_s)-1}s \\
&=y(\om_0)=x(\om_0)y(\om_0)\le\sup_{N(x)}xy=:\th(x,y).
\end{aligned}
\end{equation*}
On the other hand, again because $x$ and $y$ are in $C_0(\Om)$, for some $\om_1\in\Om$ such that $|x(\om_1)|=1$ we have $\th(x,y)=x(\om_1)y(\om_1)$. By symmetry, wlog $x(\om_1)=1$. So,
\begin{equation*}
\th(x,y)=y(\om_1)=\lim_{t\downarrow0}\frac{x(\om_1)+ty(\om_1)-1}t
\le\lim_{t\downarrow0}\frac{\|x+ty\|-1}t=\tau(x,y).
\end{equation*}
The latter two displays show that $\tau(x,y)=\th(x,y)$. $\quad\Box$