Technically it does, 'equivalent' was always a more suitable word in my view.
2 + 2 = 3 + 1 But the sides are not the same. The sums are the same, but the numerals are different. It is possible to be both equal and different.
Of course, in mathematics it's called 'equivalency'. No mathematician would say those two expressions are equal, but rather 'equivalent'. I'm being rather pedantic aren't I?