That is a good use of an equalizer if used at moderate volume levels. I would assume exaggerating the high end frequencies at high volume would just cause more damage, so i wouldn’t suggest that.
However i think counteracting the hearing loss due to age would be best done manually by the person affected by adding the band to the EQ themselves. Either a high shelf filter to boost the high end or a low shelf filter to lower the low end.
An example is to add a High Shelf filter at around 2500hz with a Q value of ~0.6 - then just increase the gain to your liking… (remember to lower the pre-amp/gain if you raise it too high).
The EQ is not made to go to the extreme dB ranges mentioned in that article/graph though but you will get about half way there.
I will definitely think about it for a future update though.