There has been a few of these mathematical threads recently. I suspect maths teachers are bored already and it's only half way through the 6 week holiday.
I do agree that most of this is just academic, and pretty much irrelevant for most... use what you have and forget about it.
However, I do not think it is entirely academic if you are choosing what gear to buy/use.
With sensors of similar MP count, what I find is that the character of the OOF portions (bokeh) often tends to be "busier" and more annoying with the smaller sensor (same/similar DOF). This is due to the greater resolution (pixels/area) used to record it (the blur radius of a point may be the same, but there are more of them and they are smaller). And often, what is actually in focus is sharper with the larger sensor, partly because you are able to stop down farther (equalizing the DOF's) and partly because larger sensors (pixels) are less demanding (different DOF's).
These differences range from inconsequential to quite notable... but typically more towards inconsequential. Especially if you start with a more acceptable BG, and an adequately sharp lens/aperture.
In other words, technique and other choices matter more... it's only when you don't have choices that it makes much of a difference. I.e. you can usually get close enough to "equivalent" with most systems... is it worth the costs for those few times where you can't?
But if you want to take it to extremes, try comparing macro shots of the same composition with a tiny sensor vs a FF sensor... the tiny sensor will generate a much more "usable" image with greater detail/DOF, even after enlargement. The only way to duplicate it is to stack images from the FF sensor. Granted, a FF stack *can* be much better, and there are many other tradeoffs being made at the same time (ISO performance, diffraction limits, etc). But it's why I often prefer to use my 1" Nikon1 over any of my DSLRs for macro/closeup work, particularly for moving subjects (but sometimes for product work as well).