My sacrilegeous question to audiophiles out there regarding parametric equalizer.

Only someone who is not an audiophile would ask such a question. Do you want to hear the band, or do you want to be in the band? Maybe the bass drums not loud enough; "Think I'll just turn it up a bit". "I do not like the tone and timbre of that clarinet, let me tweak it a bit; now that sounds just right".

Oh, the marvelous things one can do with an equalizer.

Musicians spend their entire lives learning how to play their respective instruments, and then they get with other musicians who are compatible to make music; when all are satisfied they lay down tracks of recordings.

You buy this music, and screw it up with an equalizer; like Pokey says "It's your show, run it any way you want to"