There is a clear difference -- the word "class".
「おわり」, as I hope you could tell from the distinct "kun" sound, is an originally Japanese word. We had this word when Japanese was still merely a spoken language (and we never knew there existed another country).
「[終了]{しゅうりょう}」, as the "on" pronunciation would suggest, is a Sino-loanword. It came from China later on together with tens of thousands of other words.
The two words have the same meaning but 「終了」 is more formal, technical and official than 「終わり」」. This is the Golden Rule when you have an originally Japanese word and a Sino-loanword with the same meaning.
One might find this odd, but this is the same in English. Latin-origin words should sound more formal, technical and official than their English-origin counterparts. 'finish/terminate' vs. 'end', 'converse' vs. 'chat', etc. The list is simply endless for both Japanese and English.
In your example, the two words are interchangeable. In longer sentences, one would have to change other words as well if you switched between 「終わり」 and 「終了」 to maintain the same level of formality throughout the sentence.
終了
is more "official" to my ears than終わり
. I'm not sure about all instances but in the above sentence they are interchangeable.