This looks like a hard problem. But I thought to make entry here to keep track of it and not forget it.

From https://tex.stackexchange.com/questions/492374/how-to-fix-inline-math-alignment-in-svg-mode-when-using-tex4ht

When using svg for math with tex4ht, the inline math in some places does not come out as well aligned with the text around it. This does not affect mathjax mode.

MWE

-------------
\documentclass[11pt]{article}
\usepackage{amsmath}
\begin{document}

%This below is needed for tex4ht, without, inline math does not
%even render well at all
\ifx\HCode\undefined \else
\Configure{$}{\PicMath}{\EndPicMath}{}
\fi

But $\ln x=\frac{s}{\pi}\ln b$, hence $x=e^{s\frac{\ln b}{\pi}}$, and the
above becomes

\begin{align*}
\ln x&=\frac{s}{\pi}\ln b
\end{align*}

\end{document}
---------------------

Command (all on one line)

make4ht -ulm default -f html5+dvisvgm_hashes foo.tex
"htm,pic-align,notoc*,p-width,charset=utf-8,svg" "-cmozhtf -utf8"

The inline math that shows up is not well align on same baseline as text. More examples at above link.

TL 2019 on linux

Thanks
--Nasser