Studio EQ Block vs. EQ at the Output

How does the slope of the EQ on the main output compare to the slope of the EQ of the Studio EQ as a block and with the "Steep" buttons checked?

I think the way it works is "Steep" cuts off more in faster fashion so your values can be less pronounced in clearing the garbage frequencies for live and loud use. Not checking the steep on the Studio EQ block is akin to how the Hi-Lo cuts work on the main output EQ? If so, I think you'd have more pronounced cuts vs the other method since it's a subtler effect?

Example:

I'm doing 100Hz cut on the low and 7000Hz cut on the high end with steep checked on a Studio EQ block, would I cut around 120Hz on the low and 5000Hz on the high to get a similar effect on the main output EQ? I get turned around on these concepts but I think this is what I'm hearing.