I just got the Bose 700 yesterday, and I had an update available through the app,
unfortunately, it loaded for like forever and once it was finished I got an error saying it failed and that it'll try again so I just updated my headphones via the Bose updater on my computer.
So I guess the problem is now that the app is up to date, I even reinstalled it on my phone, and I don't have any equalizer setting available.
I am using an iPhone XS.
iOS version: 13.6 (17G68)
Bose Music app version: 3.5.5
Bose 700 firmware version: 1.3.1 - 2028+de73ce1
Also, I don't know if that matters or should be worrying but I just got them yesterday, and according to the app, the date of manufacture is July 26, 2019.
Thanks ahead 🙂