Yup the EQ stays flat (but on) on mine with my jazz bass, bridge pickup and tone up full and dial in the neck pickup as required, 'Grind' on about 10 o'clock. Thats all in gig situations, it doesn't get used at home, have a practice amp for that.
In fact it stays same settings for my active bass's, bar the 'pad' button, and use the basses to EQ out any flaws.
Si