Understanding "Of Balance"

I think I am understanding this wrongly, your help is appreciated.
When I get the map mod "Player has Elemental Equilibrium", does that mean that it treats me as if I had that keystone applied? That's what I thought until now. Or does it mean that mobs apply EE to me? Someone told me that, and I am trying to wrap my head around it... Thank you.

It treats you as though you have the keystone.