The simple answer: The HSV equalizer doesn’t (can’t) use masking and the tools in the Local Adjustment tab can all be masked and can have multiple instances.
My personal experience has thought me that the HSV equalizer is somewhat blunt compared to the Local Adjustment or the L*a*b Adjustments HH equalizer.
BTW: Besides the 3 that have already come up you can also use Colour Toning → Colour corrections regions (with or without masking) to do this.