EQ changes the levels of the frequencies in an audio signal. It doesn’t change the dynamics of these frequencies though. But it can change the overall dynamics.
How?
Think of the frequency spectrum as a group of people standing next to each other. Most people are jumping up and down. Some are jumping higher than others and some are not jumping at all.
Now imagine that those people are standing on a movable floor piece per person. For the people who are jumping the highest we lower the movable floor a bit, they are still jumping up and down in the same way as before but now we don’t see their heads appear above those of others.
See what we did here? We didn’t change the dynamics of the single person but we did change the dynamics of the group!
So there you have it: EQ is a (sort of) dynamic effect.