There are two different -ola suffixes. The first one, call it -ola¹, derives from Latin, sometimes as a dimuitive and sometimes otherwise; for example, modern Latin hyperbola < Greek ὑπερβολή is not a diminuitive, but aureola < aureolus and lineola < līneola are from diminuitives.
About this first suffix, the OED says:
classical Latin -ola (in e.g. fasciola (see fasciola n.), līneola lineola n., sēpiola sepiola n*.),* feminine singular corresponding to -olus -olus suffix. Compare -olum suffix.
Occurring in nouns borrowed from the late 15th cent. onwards from classical and post-classical Latin, as aureola n., Gratiola n., striola n.
Several words in -ola (e.g. cupola n.) are from Italian and Spanish reflexes of Latin forms in -ula -ula suffix.
(Not productive in English.) Occurring as a diminutive suffix in nouns.
The other version, which I’ll call -ola², is mainly used for commercial names or in immitation thereof, and is considered chiefly U.S. Here’s the OED again:
Etymology: Probably < -ola (in pianola n.).
The term granola n., apparently containing this element, appears as a trade mark in 1886 and 1928 but seems not to have been used generally until the second half of the 20th cent.
One of the earliest formations with this suffix in commercial use was Shinola n. (1903). The casual slang use is attested from 1919 onwards (see J. E. Lighter Hist. Dict. Amer. Slang (1997) at cited word).
Used to form nouns denoting commercial products (as Editola n., moviola n., Victrola n.). Subsequently (slang) used as a humorous device for extending ordinary words (e.g. jazzola); a few of these formations have become current (e.g. boffola n. and adj.), esp. with reference to forms of bribery (payola n., plugola n.).
Attested words ending in either of the two -ola suffixes include: acerola, areola, aureola, barbola, cambozola, canola, carambola, choola, cola, colocola, cupola, Dongola, dongola, Ebola, Editola, española, fasciola, fasola, foveola, frottola, girandola, gola, gondola, Gorgonzola, granola, Gratiola, hemimetabola, hemiola (now usually hemiolia < Latin hēmiolia < Greek ἡμιολία), herola, Holometabola, hordeola, hyperbola, idola, Kola, kola, lineola, lobola, mandola, Manola, mariola, massoola, mazoola, Metabola, Miliola, minneola, mobola, modiola, mola, moola, Moviola, nespola, oropendola, paleola, parabola, pascola, patola, payola, peola, pergola, Pianola, plugola, Pongola, pyrola, riffola, roseola, rubeola, Salsola, Savonarola, scagliola, schnozzola, scuola, sdrucciola, semiparabola, semola, sensoriola, sepiola, shola, sola, stola, striola, taeniola, tarentola, tetracola, tola, tombola, Tropaeola, vacciola, vandola, variola, Victrola, viola, and vola.