Let's start with a simple rewrite of your script, to make it a little bit more robust at handling a wider range of replacement values, but also faster:
#!/bin/bash
# escape regexp and replacement strings for sed
escapeRegex() { sed 's/[^^]/[&]/g; s/\^/\\^/g' <<<"$1"; }
escapeSubst() { sed 's/[&/\]/\\&/g' <<<"$1"; }
while read -r old new; do
    find test -type f -exec sed "/$(escapeRegex "$old")/$(escapeSubst "$new")/g" -i '{}' \;
done <test.txt
So, we loop over pairs of whitespace-separated fields (old, new) in lines from test.txt and run a standard sed in-place replace on all files found with find.
Pretty similar to your script, but we properly read lines from test.txt (no word splitting, pathname/variable expansion, etc.), we use Bash builtins whenever possible (no need to call external tools like cat, cut, xargs); and we escape sed metacharacters in old/new values for proper use as sed's regexp and replacement expressions.
Now let's add logging from sed:
#!/bin/bash
# escape regexp and replacement strings for sed
escapeRegex() { sed 's/[^^]/[&]/g; s/\^/\\^/g' <<<"$1"; }
escapeSubst() { sed 's/[&/\]/\\&/g' <<<"$1"; }
while read -r old new; do
    find test -type f -printf '\n[%p]\n' -exec sed "/$(escapeRegex "$old")/{
        h
        s//$(escapeSubst "$new")/g
        H
        x
        s/\n/ --> /
        w /dev/stdout
        x
    }" -i '{}' > >(tee -a change.log) \;
done <test.txt
The sed script above changes each old to new, but it also writes old --> new line to /dev/stdout (Bash-specific), which we in turn append to change.log file. The -printf action in find outputs a "header" line with file name, for each file processed.
With this, your "change log" will look something like:
[file1]
hostname=abc.com --> hostname=xyz.com
[file2]
[file1]
db-host=abc.com --> db-host=xyz.com
[file2]
db-host=abc.com --> db-host=xyz.com
Just for completeness, a quick walk-through the sed script. We act only on lines containing the old value. For each such line, we store it to hold space (h), change it to new, append that new value to the hold space (joined with newline, H) which now holds old\nnew. We swap hold with pattern space (x), so we can run s command that converts it to old --> new. After writing that to the stdout with w, we move the new back from hold to pattern space, so it gets written (in-place) to the file processed.