[A] + 相当于 + [B]
[A] + 相当于 + [number] + [measure word] + [noun]
[verb phrase] + 就 + 相当于 + [verb phrase]
相当于 says that A equals B in amount, size or function. B can be a number, a noun, or a verb phrase naming what A amounts to.
With a role or an institution, it says the two do the same job.
With a verb phrase, often after 就, it gives the real effect of an action: "it amounts to".
For "doesn't amount to", the usual choice is 不等于: 有钱不等于幸福.
相当 without 于, before an adjective, means "quite" and has its own point. The 于 is what turns it into "equivalent to".