^Based on the principals of equal loudness curves that is indeed what it should do.
My cursory examination of the Dynamic EQ was that it was too bass heavy as well, (male voices in dialog sounded artificially heavy) although I didn't play with incoming level reduction at all, and different offset levels just a little.
In A/V reproduction accuracy, there IS no concept of "accounting for personal taste/preference". As art consumers we don't "pick" the level of bass, nor the tint/brightness of a scene's sky, any more than we pick the ending of a novel or Mona Lisa's type of smile. "High fidelity" means "high truthfulness", faithful to the original artist's intent: an unmodified, neutral, accurate copy of the original master, ideally being exact and with no discernable alterations, aka "transparency".