The changes aren't immediately visible in LV. Requires half-shutter to see the exposure changes in LV.
Things work more smoothly in LV with 'Same TV curve' set to ON. With Same TV curve set to OFF, I have to press half-shutter, release and press again fairly quickly, for the correct exposure settings to stick.
Could someone who uses this module possibly give a few hints on the use case(s) and how to set things up.
Missed this post earlier.
At the bottom of the module screen is
Exposure Value. You adjust all of the curves, so that at a specific exposure value as measured by the camera, the camera will use the exposure settings as set by the curves.
Look at this image from the OP.

At EV 8, the camera will shoot ISO 100, 1/500, f/4.0. You can adjust the curves so the the camera will use some other exposure settings at that EV. Higher ISO, more narrow aperture, faster shutter, whatever.
In the above module settings image, the orange EC line is indicating underexposure at those current settings.
Here's another curve arrangement.

At EV 8, the camera will shoot ISO 100, 1/4000, f/1.4
You basically use the module to tell the camera, at this EV, use these exposure settings.
Canons auto mode has some quirks. And you're stuck with the exposure settings that Canon decides to use, only having EC to apply some changes to Canons auto mode. This module is full customization of exposure settings that will be used. Once you have the initial setup done (curve arrangement), then it works exactly like an auto mode. Point and shoot!
Another nifty trick is being able to meter the scene. Press half-shutter then enter the module.

The blue vertical line shows the measured EV.
The above image is the same settings as the next image above, with EC +0.5 dialed in. You can see the effect on the exposure settings.