No, that is not what floats are. A logarithmic number system literally just stores the logarithm of a number (and a sign bit) and manipulates it as a logarithm. The significand is 1, always. So multiplication & division are simply addition & subtraction, respectively. But this simplification for multiplication, division, roots, and powers is counterbalanced by more complex addition and subtraction.[1]

[1] https://en.wikipedia.org/wiki/Logarithmic_number_system