That is what it does. Its goal is to destroy any sound signature, to have the system be a perfect reproduction of the audio it is being fed. Now of course it can't attain perfection, but that is what it tries to generate a filter to do. All well calibrated systems should sound fairly similar in that they should have no signature of their own.
So if your speakers colour the sound, and you like that, then you don't want any kind of room correction because they'll all do their best to eliminate it.
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