matt is more expert than I on algebra and particularly homological algebra.
still let me make some remarks from my experience as a student of some top algebraists of the previous generation.
as you say, commutative algebra was developed greatly by zariski as an aid to algebraic geometry, to put it on a firm foundation, from the 50's.
then in the 60's eilenberg's students auslander and buchsbaum introduced homological algebra into commutative algebra and made fundamental advances, in particular the first proof that all regular local rings are ufd's, and that a regular local ring is characterized by having finiye homological dimension. this showed clearly a firm connection between commutative algebraic notions and homological ones..
this was taken up by serre, who pushed the subject further and wrote a basic treatise, algebre locale, multiplicites, and it continued from there,...
in particular intersection theory is very homological in nature now,.. and after that i have lost contact, with the new areas of the subject as advanced by matt, and jon carlson, and dave benson, and dan nakano, ...
the newer concepts include periodic resolutions,...ask matt for an update.