they certainly are manipulating the eq, in an attempt to get the sound the same as you would hear through a cabinet. this may or may not be able to be precisely duplicated depending on the EQ pedal/gear you have on hand.
stolen from fractal forums...
"First, let's address terminology: both EQ and IRs are linear. There are many ways to define linearity. For purposes of this discussion, linearity can be explained best by saying that the response of a linear system does not change due to differing input signal levels.
The difference between an impulse response and a set of simple electrical (or virtual) filters is largely abstract. Any collection of filters will have its own impulse response, and one way of implementing that set of filters is via the same process that the Axe-Fx uses to implement cab sims, which is called convolution. In fact, all digital filtering processes involve some form of convolution.
With simple EQ-type filters, the total number of taps (points) required, and the associated processing burden, can be relatively small. This makes this type of filter easy to implement, but the price you pay is that the level of detail that can be introduced in the resulting frequency response is small. This makes it essentially impossible to successfully emulate the behavior of a guitar cab with simple EQ.
Using real-time convolution with an impulse response ("IR"), OTOH, has the possibility of duplicating all the response detail that your hearing is capable of recognizing. The price you pay for this is that, to achieve satisfactory results, the length of the IR must be sufficient. Adding more points creates a higher burden on the cpu. The 1024-point length of the Axe-Fx IRs is sufficient to capture the audible detail in the response of a guitar cab.
When you compare an IR-based cab sim to an EQ-based attempt to emulate the same cab, the IR - assuming it is long enough - will win every time. This is because much of the response of a guitar cab is due to multipath interference effects, which real-time convolution can duplicate and simple EQ cannot. Neither approach is "dynamic," however. Both processes are linear."
Fixed EQ vs IR | Fractal Audio Systems Forum
hope that helps answer the question. i may be missing the mark here. if so, apologies.