How do I use a Boss MT-2 Metal Zone pedal, or just pedals in general?

I already figured out that you plug one cable into the input of the pedal and one out of the output into the amp...

But what do all the knobs do? I have the idea that the "low" knob affects the bass sounds and whatnot, but do I make sure that the low, mid, and high knobs are on the same level as the ones on the amp itself?

I'm really confused, any advice would be helpful
 
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