Preach it, brother! Even in a simple track, EQ can make a difference between an outstanding track and a nearly unlistenable one.
I did a couple of test recordings early this year while doing some studying about EQ and what it does to a recording. I recorded a bass, rhythm and lead guitars, and a keyboard over a drum track. On one, there was no EQ applied. On the second one, I applied EQ to each track to make it all "fit" together. My goal was to be able to hear each instrument playing nearly all the time and keep them from running together and becoming mud.
Both videos were made from the same tracks. Other than the EQ applied, there was a little shifting of the left-right placement of the two guitars, but not nearly as much as the different mixes would indicate. I also added a slightly different voicing to the keyboards on the EQ'ed recording.
No EQ: Just a straight mix.
https://youtu.be/8HmgcTbDYkI
All instruments EQ'ed:
https://youtu.be/4mOVx7xmJpo