The equalify2 file will be empty until the eq has been shown and you change any setting.
While the file is empty the EQ will load with all the default settings. The default setting is to be shown in the top left corner of the Spotify window - where-ever that is.
I can not even begin to understand why its not showing up for you.
could you try starting spotify with the /show-console and /dbg arguments?
Wait until everything has loaded and the text stops scrolling in the console
Then play a track and click the button.
Then copy the text or take a screenshot and share it with me in a private message,
There might be some errors that show up there that can narrow it down.
Look for the 20 lines after seeing “Debugging Window:” in the console.
(run cmd.exe then %appdata%/spotify/spotify.exe /show-console /dbg)