It's probably likely the cause for 90% of burn-in effects.
I've had cases where I've gotten a new IEM (I own 4 Vsonic GR07s), and before a night of burn-in I've compared it to an existing, well-used pair and noted that the new pair is comparably a bit tamer in the high treble (just an example, all 4 of my pairs have different profiles by about +-2dbs or so, probably within specifications).
So I've had them playing overnight, and in the morning after a nice sleep I've listened with them again and found them to now have nicely filled out treble by what I'd judge to be maybe a db or so. Nothing much, but a noticeable change.
Then I've compared them again to the same pair as yesterday, and they're still the exact same relation to one another, meaning no change actually happened, other than my perception.
As someone who has spent countelss hours mixing, EQing and mastering, as well as composing, your perception of EQ and sound balance changes alot as you progress through a day of music listening.
It's a bit like your smell can adjust to make sure that if you have to work in stinky conditions, eventually your brain will just realize that the constant sensory input isn't really worth registering as much, so the smell will seem to fade more and more. And it takes a while away from the stimuli for your brain to "reset".
Also I've got a very good sense of absolute balance from my experience with sound, and I've had countless cases where at one point I've felt a pair of headphones sound a bit too dark for some reason, then after a quick dinner and 20 minutes later I sit down and listen again to the same piece of music, and I can't really believe it's the same pair of headphones because now they have a sense of air and clarity they didn't have before.
Now don't get me wrong, like wearing a pair of new shoes, all physical materials are bound to change with usage, however the amount and whether it is perceivable or not is highly debatable. Our ears are generally not the best instrument to use to judge it.
Probably way too long a reply, and OT, but wanted to share.