In English grammar, is a mathematical expression considered a clause or a noun phrase?

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In English grammar, is a mathematical expression considered a clause or a noun phrase?

When I read the mathematical proof, I find that it is not uniform for authors to treat the mathematical expression.

e.g., (1) That "$x>2$" implies that "$y>2$".

(2) "$x>2$" implies "$y>2$".

In (1), the mathematical expression is considered a clause, while in (2), the mathematical expression is considered a noun.
Which one is right?