How does equalizer FX work?

Excuse me, could you please elaborate on how the equalizer FX functions? I'm curious to know the technical details behind its operation. Specifically, how does it manipulate the audio frequencies to achieve the desired sound effect? I'm assuming it involves adjusting certain bands or ranges, but I'd appreciate it if you could provide a more comprehensive explanation. Additionally, are there any common use cases or scenarios where equalizer FX is particularly beneficial?