I think the value of equivalence is to understand the range of capabilities of a given set of equipment, and the relative compromises one makes.I'm not sure that many people really care about equivalence. I certainly don't take a picture with my R1 then try to set up a completely equivalent shot with my M6II.
It's a useful concept to understand, if only to avoid sounding foolish when making comparative statements about different cameras. I've seen many people buy into the idea that there is a free lunch, and that a smaller sensor delivers a smaller, cheaper system with no tradeoffs. For some reason, people stop that line of thought at APS-C (or m4/3 on other forums), but no one seems to carry it forward and believe that an ILC with a P&S-sized sensor would be even better than their APS-C camera body, if their logic was reasonable.
On the flip side, I've seen some FF users treat equivalence as a bludgeon to claim FF cameras are superior, when of course there are good reasons for both formats (and for medium format and P&S cameras, too). As I mentioned above, a system that's smaller, lighter and/or cheaper has meaningful advantages. When packing a carryon for an overnight business trip, it's far easier to pack the M6II, M11-22 and M18-150 in the suitcase than the packing lenses with the corresponding coverage along with the R8. But the shallow DoF you can get with a fast lens, or the wider FoV with a lens like the RF 10-20/4, can't be replicated on a Canon APS-C MILC (at least, I don't think there is a rectilinear 6mm lens for RF-S).
My first FF DSLR was the 5Dii, and I spent a lot of money on a f2.8 trinity. I quickly discovered that unless photography was my one and only objective for the day, I hated carrying it. I much preferred to carry the APS-C DSLRs that I had before and after the 5Dii for everything other than totally dedicated photography. But what's the compromise? Well, a f2.8 lens on an APS-C body gives you about the range of capabilities as shooting no faster than f4.5 on the FF body. You give up that first f-stop and a third for a kit that's easier to carry. That's the type of tradeoff that equivalence helps to clarify.
I've since had a FF mirrorless system with f4 lenses, and don't hate it. That's about my happy place for size vs capability.
In the case of the lens that's the topic of this thread, you give up another stop of light. If you can imagine shooting no faster than f6.3 on FF, it will be about the same as that.
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