Does evaporated milk plus condensed milk equal milk?

Evaporated milk plus water equals milk. It is reconstituted by combining a 12 oz. can of evaporated milk with 12 ounces of water.
If you mean sweetened condensed milk, it is condensed and highly sweetened and is usually used in cooking for fruit salads, cream-type pies, etc.
In the 1950's baby formula was evaporated milk and water. Your baby was either a "Pet" milk baby or a "Carnation" baby. Usually a tablespoon or two of powdered Dextrose-Maltose was added to this formula.

In that era, dry powdered milk was often added to the recommended amount of cold water, then combined with an equal amount of fresh whole milk. This tasted better to older children than reconstituted dry milk alone. Also, in those days of whole milk, it added a bit of fat to the end product.