There are differences. Most earlier graphic EQs were essentially boosted passive Bessel filters. With this type of filter the width of the affected band varies according to the boost or cut applied. They work inversely to how you would think in that the lower the boost or cut, the wider the affected bandwidth, and conversely, as the boost/cut increases the band width gets narrower. More recent EQs use state variable filter topology using IC based gyrator circuits with vanishing low distortion levels. These are of much higher accuracy and maintain a fixed bandwidth regardless of the level of boost or cut. Also, by using gyrators the only part of the signal to pass through a filter element is that part where boost or cut is applied. The rest of the signal passes straight through. I have a Behringer stereo 15 band EQ with improved PSU which I use occasionally to 'help' poor recordings.
On the subject of automatic tone control, these types of dynamic systems are available in commercial studio and stage equipment, but I have never heard of a domestic version, although there are some amplifiers still made with a loudness function which fades away as volume is increased. I have a Denon PMA720AE which has a loudness bass/treble enhancement filter that is only effective at lower volume levels.