I didn't use EQ with my FiiO BT adapter as it is disabled over LDAC. However, what you have experienced is called reserving headroom. EQ these days is done within the digital domain, as well as volume control - and they are closely matched to the hardware output limitation (*so you will get the best, highest hardware output in normal use). So when EQ is enabled without first reducing a few dB over digital gain, you can actually set the EQ / volume to higher than what the hardware is capable of, and this will result in clipping. To prevent this, a few dB is preserved when the EQ is enabled, in order to make sure your EQ setting will never go over what the hardware's maximum output limitation.
Sometime you don't notice any volume reduction over other gears when enabling the EQ, mainly because: (1) it didn't reserve any headroom but instead allows the hardware to clip / distort, which is the worst way for EQ design in general, or (2) the headroom has been permanently reserved all the time, so the device will never run out of headroom and distort. But on the other hand, it will also never reach the highest possible hardware output and always being handicapped even when EQ is not used.