Not so much for home theater. People typically use parametric equalization which is much more precise. However, the generic setting will work fine for a 31-band EQ, as you probably won’t be using every single filter anyway. If you are, either you’re over-equalizing or your speakers have such poor response that you should upgrade.
Unfortunately, my car stereo, which is suppose to be the best sounding available, but it has a 31band l/r eq, time alignment & 8ch output w/crossovers. I prefer a parametric too, but anyway, this unit seems a little antique in some ways. I bought it because it didn't need another DSP box in the car with this unit, just head unit & amps. At least that is what I had hoped.
I'm just saying it would be helpful, since I've been beating my head on this car for months & it seems I got months more before I might get it figured out how to make it sound right. Unless I get tired of dealing with it & hire an audio engineer to set it up the eq , crossover, levels & time alignment.