I wouldn't think it does anything, going to empty pins. Maybe it does something on the 500E upwards. Those models have an EQ bypass and a mids EQ switch.
Listen to Loop #3 Heavy by JaminDyer: Heavier loop, possible material for a song | Explore the largest community of artists, bands, podcasters and creators of music & audio.
Listen to Loop #2 by JaminDyer: Just another loop that sounded OK | Explore the largest community of artists, bands, podcasters and creators of music & audio.
Listen to Loop #1 by JaminDyer: First loop attempt, based loosely on the chorus of Charlie by RHCP. | Explore the largest community of artists, bands, podcasters and creators of music & audio.