No I mean the no EQ on AK240 firmware v1.11 now seems to be the sound with Pro EQ on from the previous firmware versions and it seems EQ on with flat neutral curve bar seems to sound the best most natural SQ now. So I am guessing AK240 could have swapped the sound of the 2 modes around.
In the case of the AK120, I read that firmware v1.37 replaces the no EQ sound with the Pro EQ sound from its previous firmware versions. So I also am guessing that it is behaving like the AK240 right now.
My AK120 is still on v1.33 and I did not want to upgrade to v1.37 previously because of this Pro EQ change. Previously I am not sure if I can get back the original v1.33 SQ (or even the best SQ) after upgrading by doing what we found out based on AK240, so I never upgraded my AK120. But now that I have AK240, I guess I can sacrifice my AK120 and upgrade it to the latest firmware to confirm for you. Will get back with my feedback once I have done it and do a detailed listening.