To meet the stringent Recovery Time Objective (RTO) of 4 hours and Recovery Point Objective (RPO) of 1 hour for the two critical applications, the most suitable approach is to use a combination of backup copy jobs and hourly VM replication, which corresponds to answer C.
Backup copy jobs can ensure that backups are available offsite for disaster recovery purposes, while VM replication provides the ability to quickly failover to a replica VM in case of a primary VM failure, thereby minimizing downtime. Veeam's replication capabilities are designed to create exact copies of VMs at regular intervals, which can then be rapidly activated in case of a failure.
This strategy ensures that the applications can be brought back online within the 4-hour RTO, with data loss not exceeding the 1-hour RPO, thus meeting the company's stringent data protection requirements for these critical applications.