When you want to "cheat" by having the ability to put a compressor on just part of the frequency range of a source instead of the whole thing, that's what a multiband compressor lets you do.
If you don't want to do such a thing, you shouldn't use a multiband comp anymore than you should use a hammer on a screw. It is NOT the kind of tool for "mojo" or "vibe" and it SURE doesn't have any presets! (I'm sure you'll find one that has some "presets". Some people try to make presets for everything weather or not it applies. This tool certainly gets abused in "mastering". That's "mastering" with quotes. Not to be confused with mastering work. There's probably a preset for CD edition style ear bleeding treble, for example.)
A dynamic eq is more or less a single band of a multiband comp.
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