why would I use it over an eq, whats an example scenario I would need it for

why would I use it over an eq, whats an example scenario I would need it for
you'd use it in a situation where you want to reduce the dynamic range a different amount in different parts of the frequency spectrum. not sure about an example it's just a you know it when you hear it kind of thing. you wouldn't use it instead of an eq or vice versa they do different things
An EQ is for modifying timbre or frequencies, whereas a multiband compressor is for dynamics. While EQ and MB compressors both operate using bands, an EQ is static and has a different use case.
You might use an EQ to cut some frequencies that are clashing between tracks or to tame resonances. A multiband compressor would alternatively be used to change the dynamics of one range of the sound while doing something else to the others. You might compress the high band of a sound to bring out some sparkly details while leaving the others unaffected. Trying to do this with an EQ would change the timbral balance of the sound.
Thanks for listening! :)
EQ is usually linear. Compression isn’t due to the threshold function. Its engagement depends on the amplitude of the signal. EQ will adjust the amplitude of its frequency regardless of how loud the signal is.
There's also this thing called a "dynamic EQ", which functionality-wise falls right in the middle between a multiband compressor and an EQ.