You are right but it is decreasing in volume as your body is compressed.
Air is compressed, never your body. That's how you survive skin diving.

Equalizing is normally understood to be taking new air in at ambient
pressure to equalize in your ears and lungs etc.
No. Equalizing is shifting a fraction of a ml of air into our out of
your middle ear, all within you, no brearthing (in or out) required.

That is why you
shouldn't hold your breath ascending after breathing pressurized air.
Completely different story.

You'll embolize.
Yet another story.