Just a slightly longer comment, In order to understand why the order matters, we need to recall that a projection, can be characterized by a projection matrix, i.e. a matrix $P$ such that $P=P^H$ and $P^2=P$. in your case, the projection matrix is $P=\frac{1}{x^H x} x x^H$. It is a projection matrix, and also that its span is the span of $\{ x \}$. Now multiplying $P\cdot y=\frac{x^H y}{x^Hx}x$.
By the way, I have a tendency to consider inner products in the nominator of expression as $1\times 1$ matrices, this typically gives me more intuition about the expression I am working with. If you do this then $y^T x$ cannot be multiplied on the left by $x$, only on the right, therefore the correct expression is $x y^T x$ which indeed feels wrong for a projection.