$x = b^y$ and $y = \log_b x$ are equivalent statements (about how $x$ and $y$ as specific variables and/or numbers) are related to each other but they are not equivalent functions.
$f: \mathbb R^+ \to \mathbb R$ via $f(x) = \log_b x$ and $g: \mathbb R \to \mathbb R^+$ via $g(x) = b^x$ are must certainly not equivalent. They are inverses.
$x = b^y \iff y = \log_b x$ are equivalent statements in the same way $8 = 2*4 \iff 2 = \frac 84$ are equivalent statements. The act of multiplying two numbers together is the exact opposite (inverse) of dividing two numbers. But $8 = 2*4$ and $2 = \frac 84$ both say the same thing as "$2$ and $4$ and $8$ are related is such a way that $8$ comprises of $2$ pieces of $4$ parts".
$x = b^y$ and $y = \log_b x$ both say the equivalent statement "$x$ and $y$ are related in such a way that $b$ raised to the $y$ power results in $x$ and $y$ is the power you must raise $b$ to get the result of $x$". They are two different ways of saying the same thing.
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And if $x = b^y$ and $y = \log_b x$ then the third statement $x = \log_b y$ is not true and completely out of left field.