Hi Billy,
I have just gone through the procedure as shown above and my B2 has preserved the changes that I made to the equaliser. I powered my B2 down and back up and my changed settings were there.
One thing to note, in the 'Equaliser' window, there is a tickbox called 'Enabled'. This needs to be ticked.
Other that that, I'm out of ideas at the moment!
Regards,
Peter.