Most of the here answers have valid points, but think about it, if you have a dynamic problem use a dynamic virtual sound effect plug-in, if you have a tonal balance problem use an eq, both are able to make changes to each other.
For example, a compressor that has a fast attack and fast release (plus a hard knee) can tame the transients reducing the dynamic range. but if that attack (kick) has a lot of low frequencies it can make your tone more "bright" because it’s attacking that, another example is, imagine the same kick and you make emphasis in the same low end, and the low end is more in the attack (example, can be the opposite) it could make your kick more dynamic because you’re raising up the low end, then if you need to keep the same dynamic or tone both are necessary. In a nutshell, always think about your specific case.