As you would imagine it appears to, I just installed CbB on an old laptop to check out any possible issues before attempting installing on one of my main DAW PC's as I need to access a couple of old projects to transfer them to Studio One and Platinum is crashing like a mofo so I can't do it from there (
Never use to do that, well not quite as often anyway, been a long time since I used it). I just checked your question out by applying a far out EQ setting to a track so you couldn't mistake it, and the global button when set to off indeed turns the EQ off as you would/might expect (
even though the EQ's button remains lit).