Solution to Triangular Systems with Cholesky Factor

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The answer in this post describes the solution to this linear system

$$ \begin{aligned} Ax &= b \\ L L^{T} x &= b \end{aligned} $$

as solving the two triangular systems.

$$ \left \{ \begin{aligned} Ly &= b \\ L^{T} x &= y \end{aligned} \right. $$

I use this solution often and was recently asked, "what is $y$?" I commonly brush this off as being just a vector serving the provisional values for step 1, but are not of substantive interest. What we really want is the solution to $x$.

My statement is true-ish, but lacks a mathematically rigorous answer for "what is $y$?"

What might be a more sophisticated and rigorous answer for explaining what $y$ is in this solution?