$\huge\rightarrow$ (the material conditional) is a logical connective that operates on its antecedent $P$ and its consequent $Q$ to form the truth function $$P\rightarrow Q,$$ which is false precisely when $P$ is true but $Q$ false.
$\huge\Rightarrow$ (implication) similarly operates on its antecedent $P$ and its consequent $Q;$ here, the result $$P\Rightarrow Q$$ lives in a specific (usually implicitly understood) interpretation/context and signifies that $P\rightarrow Q$ is true in it. Some ways to read $P\Rightarrow Q:$
- If $P$ is true, then $Q$ is true.
- $P$ being true is a sufficient condition for $Q$ to be true.
- $P$ being true implies that $Q$ is true.
- $P$ is true only if $Q$ is true.
- $Q$ being true is a necessary condition for $P$ to be true.
When $P\not\Rightarrow Q,$ then it must be that $P$ is true yet $Q$ false.
In the given formulation $$|x-c|<\delta\;\; \textbf{implies} \;\;|f(x)-f(c)|<\varepsilon,$$ “implies” is not the material conditional $\large\rightarrow\normalsize$ per se, but rather mathematical implication $\large\Rightarrow\normalsize;$ it analytically (from mathematical axioms and a given context) asserts that its right side can be derived from its left.
P.S. I distinguish between implication $\,\large\Rightarrow\,$ and logical implication $\,\large\vDash\,,$ which is often used to mean first-order implication, i.e., that $P\rightarrow Q$ is true regardless of interpretation.
P.P.S. Symbolic logic is an area rife with conflicting notation, terminology and even notions; my understanding is eclectically evolving.