That is an annoyance. Right-click the audio track and if it's an audio/video clip there may be an EDIT WITH WAVEPAD option.
In Wavepad the EQ changes can be made while playing in real time. Once satisfied, close WP with the X at the top-right and SAVE.
The track will drop back into Videopad. Unlink and delete or cut the old audio and position the newly EQ'd clip in its place.
Before making major changes, Save Project File AS routinely, giving it a unique # or name, so as not to overwrite prior saves. Using Save Project Files (no AS) will overwrite. From the HOME tab, that choice is available by clicking the chevron to the right of the Save Project button on the toolbar.
File a suggestion... https://www.nch.com.au/suggestions/index.html?software=VideoPad
Of course, Wavepad can also be used ala carte. Then the ressult would be imported to Videopad.
EQ.mp4