If a limit equals infinity, it technically does not exist. We say it equals infinity though because it is a good description of the behavior of the function (which is the purpose of calculating limits, see what the function does as x gets close to that point or gets really big).
The distinction is very unimportant when someone just asks you to calculate a limit and say whether it exists, unless they are being a pendantic grader or something. However, there are many theorems about existence of limits where you have to be careful. For example,
\lim_{x\to 0} f(x) + g(x) = \lim_{x\to 0} f(x) + \lim_{x\to 0} g(x)
is true if both limits on the right hand side exist. In particular, they cannot be infinity. So if you write down
0 = \lim_{x\to 0} \frac{1}{x^2} - \frac{1}{x^2} = \lim_{x\to 0} \frac{1}{x^2} - \lim_{x\to 0} \frac{1}{x^2} = \infty - \infty
then what you have makes no sense at all.
On the other hand knowing the limit is infinity can be useful in certain situations. For example, if f(x) is continuous then
\lim_{x\to a} f(x) = f(a)
Composing two functions gives us
\lim_{x\to a} f(g(x)) = f(\lim_{x\to a} g(x))
as long as that inside limit exists (i.e. is a number). But even if it doesn't exist, if it's infinity we still might be able to get a result. For example
\lim_{x\to 0} e^{-1/x^2} = e^{-\lim_{x\to 0} 1/x^2} = 0
Even though the inside limit doesn't exist, knowing it's "equal" to infinity let's me figure out what this bigger limit is equal to