First the setup:
Let $\mathcal M$ be a $2$-dimensional manifold.
Let $U_P$ be some open neighbourhood of a point $P \in \mathcal M$.
Let $\mathcal F : U_P \rightarrow \mathbb R \times \mathbb R$ be a frame function over this neighbourhood.
Let $\{\partial_a\}$ and $\{\tilde{d} x^a\}$ denote the basis set of vector fields and set of one-form fields over $U_P$ respectively.
Now suppose that we are given a metric tensor over $\mathcal M$ evaluated at $P$ in matrix form as follows: $$g_P = \left( \begin{matrix} 2 & 1 \\ 1 & 3 \end{matrix} \right)$$ If I'm not mistaken, this is shorthand for saying: $$g_P = 2 (\tilde d x^1 \otimes \tilde d x^1) + (\tilde d x^1 \otimes \tilde d x^2) + (\tilde d x^2 \otimes \tilde d x^1) + 3(\tilde d x^2 \otimes \tilde d x^2)$$
Now apparently the 'inverse' metric tensor is, in matrix form, the matrix inverse of the metric tensor: $$g_P^{-1} = \frac 1 5 \left( \begin{matrix} 3 & -1 \\ -1 & 2 \end{matrix} \right)$$ ...which is shorthand for:
$$g_P^{-1} = \frac 1 5 \left[ 3(\partial_1 \otimes \partial_1) - (\partial_1 \otimes \partial_2) - (\partial_2 \otimes \partial_1) + 2(\partial_2 \otimes \partial_2)\right]$$
In what sense is this the inverse of the metric tensor? I might have expected the 'inverse' of a tensor to be its corresponding element in the dual space:
$$g^{-1} = g_{ij} \; (\partial_i \otimes \partial_j)$$
...or more likely the $ \left(\begin{smallmatrix} 2 \\ 0 \end{smallmatrix}\right) $ tensor which operates with it to give the identity. (Although there would be an unlimited number of those meaning the inverse was not unique)
Please explain the meaning of 'inverse' in this context and what it has to do with matrix inversion. I thought that matrices were simply a notational convenience; their conventional multiplicative operation does not coincide with that of tensors.