To be fair it's not even obvious that the parametric EQ exists at all. To find it go to Settings > Equalizer and be prepared for confusion. Sorry, that was my first reaction to it though. It's a damn powerful tool though, in the right hands. It gives you the option of creating and deleting presets so if you screw it up it's no big deal, just try again.
I've found learning how to use it to be much easier with electronic music than with acoustic music. Perhaps because with electronic music I'm not trying to "recreate" the recording space, if you know what I mean. You can generally completely isolate say, the bass synth note, from the bass drum sound for instance. And emphasize whichever you prefer. It's much more profound than just a 5-band (or 10 or even 20-band) EQ is capable of doing. But it is confusing. I'm sure it could be made more intuitive but I'm not the guy for that I'm afraid.
I hope I haven't put you off even more 😊It's worth the effort.
Remember I told you that the UI is a mess and doesn't at all help learning how to use a parametric EQ. You can also De Ess to remove sibalance when using a mediocre set of IEMs with a nasty resonant peak.