Recording Transmit Audio

I have a Flex-6300 on which 99% of the time I use my iPad Air 4. On my Mac mini I can start xDAX and capture the mic stream from the iPad and send it to the BlackHole virtual audio interface. Then I can start up GarageBand and record the mic stream using the BlackHole interface as the input.

My question is, when doing this am I just capturing the raw mic stream from the iPad's mic? Or is what I'm recording the actual audio that's modulated, including adjustments from the equalizer and processor (if I have it on)? The reason I ask is because even though I get reports of excellent audio using the iPad's mic, making adjustments to the EQ (or turning it off) doesn't really seem to make much difference in how the recorded audio sounds when I play it back. The only way it will record the stream is if the radio is transmitting, so am I getting raw audio or modulated audio when doing that capture?