Humiliation - when something about yourself is revealed to others or brought to your attention that you think is outside of a perceived "norm", so much that you consider it abormal and fear negative reactions upon people discovering it, or dread think about.
Degradation - inflicting or reinforcing the idea of an act or trait is so far from a perceived "norm" that it is to be corrected.
So both are about what is seen as "abnormal", the one is about bringing it into the open, while the other is about shaming for it.
In kink specifically, as a sub I enjoy receiving both of them as I take pride in my traits and rooting them out as something I can improve my self-image on (if I actually feel abnormal, or insecure about them), or it fills me with joy (when I own this "abnormality" and enjoy having it presented, perhaps in front of people who understand the trait), or with pride (when people think it actually abnormal, or do heavy degradation, and I withstand it). As a dom I love doing that for my sub, even more so if it makes them just the right amount of uncomfortable, seeing them going into resignation, blushing, trying to turn away is ever so sweet, tickles my sinister senses

No matter if I experience it as dom, sub, or bystander - it feels earthy, heavy, and it smells like dirt (in a good way), a sensational/emotional that really deepens my connection to my partner(s), and the trait itself. Makes it feel strong, right, and correct.