$y=x^2$ is an equation for (I assume) real variables $x,y$. You can say $y$ is a function of $x$. This is because for every $x\in\mathbb{R}$, we have exactly one $y$ which satisfies the equation.
The equation is equivalent to $x=\pm\sqrt y$, in the sense that $\forall x\in\mathbb{R}, y\in\mathbb{R}_{\ge 0},\quad y=x^2\quad\text{if and only if}\quad x=\pm\sqrt y$.
So given the equation $x=\pm\sqrt y$, you can still say that $y$ is a function of $x$. However, $x$ is not a function of $y$, because there is an $y=4\in\mathbb{R}$ such that we have two possible solutions for $x$, $\{2,-2\}$, which satisfy the equation. To be precise, in the beginning, you need to determine what values of $y$ your function should be defined on, in this case, it must be $\mathbb{R}_{\ge 0}$ (non-negative real numbers), but still, there is the $\pm$, which makes it not possible.
So if you do not want to be confused, do not say "<equation> is a function" nor "$y$ is a function of $x$" (where $y$ and $x$ are variables), but explicitly construct the function by a mapping like $x\mapsto x^2$.