Think of it like this: EQ is turning up the volume knob for an entire frequency range.

Think of it like this: EQ is turning up the volume knob for an entire frequency range. A pole-zero pair is more like carving a shelf into the wall, it changes the shape of the room without making it louder. The highs and mids pass straight through because the pole and zero are both narrow and both down at 600 Hz. By the time you get to F2 territory at 1200+ Hz, the pole-zero pair's influence has rolled off to basically nothing. So latest master branch changes are aimed at exactly adding back the missing chest voice that made it sound hollow.