During formation and breaking of bonds, can the terms potential energy and bond energy be used interchangeably?
The answer is a qualified yes. Specifically, the "bond dissociation energy" (often shortened to "bond energy") is a positive number that is the amount of energy one must add to the system to completely break a mole of equivalent bonds. A completely broken bond by definition has 0 potential energy, so bond formation results in a negative potential energy. Thus, the potential energy of the bond is equal in magnitude but opposite in sign to the bond dissociation energy. If we are only talking about the magnitude (which is often the case), they're interchangeable. 

In addition to the chemical bonds, a system can have other sources of potential energy such as gravitational potential energy or electrostatic potential energy, so in that sense potential energy is not synonymous with bond energy, but generally it's pretty clear from context when we mean only the potential energy of bonding.