This has been happening for some time, and is supremely annoying. For a while it seemed the Windows 10 equalizer wasn't working. My speakers are very bass heavy and I live in an apt complex, so I want to drop the bass out by like 95%.
I found that manual adjustments to the EQ sometimes do not register.
This can be worked around by making your own custom EQ setting, saving it, then switching to it.
But sometimes this doesn't work too - however the stock EQ presets will still work.
To recap - sometimes Windows 10 ignores your custom EQ settings. Pick a pre-set that's close to what you want and use that.