Assume $x\ge y$. Because:
$$\log(2^x+2^y)=\log(2^x(1+2^{-(x-y)}))=x\log(2)+\log(1+2^{-(x-y)})$$
and, as you may know, $\log(1+h)\approx h$ for $h$ small, then:
- If $2^{-(x-y)}$ is small, then take $\log(2^x+2^y)\approx x\log(2)+2^{-(x-y)}$
- If $2^{-(x-y)}$ is large, leave it as is: $\log(2^x+2^y)=x\log(2)+\log(1+2^{-(x-y)})$.
The point here is that the error you get when you replace $\log(1+h)$ with $h$ is given by the error in Taylor expansion of $\log(1+h)$ around $h=0$, which is:
$$\log(1+h)=h-\frac{h^2}{2(1+\xi)^2}$$
for some $\xi, 0\lt\xi\lt h$, and so the error is bounded by $h^2/2$. Thus, I suggest you use that estimate of an error to choose for how small $h=2^{-(x-y)}$, i.e. for how big difference $x-y$ you are happy with the above approximation.
Example: Suppose you want the result to be correct up to two decimal points, i.e. the error to be smaller than $0.005$. By solving $h^2/2\le 0.005$ you get $h\le 0.1$, i.e. the approximation above is good whenever $x-y\ge\log_2(0.1)\approx 3.32$.
Altogether, luckily, $2^{-(x-y)}$ converges very quickly (exponentially) to zero as $x-y$ grows. This means you will probably accept the approximation for all but a very few differences $x-y$, for which you will need to use the exact formula with $\log(1+2^{-(x-y)})$. For those small $x-y$, if $x$ and $y$ are integers, you can even pre-calculate a table of the values of $\log(1+2^{-(x-y)})$.