Yes. By enabling the “Automatic standby” setting in the Bang & Olufsen app (This is enabled by default), Beoplay EQ will automatically switch off to conserve power if they are not paired, out of Bluetooth range, or no music is streaming for 15 minutes or more. (Note: The “Automatic Standby” is enabled by default.)
If your Beoplay EQ are still within Bluetooth range, you can place them in the charging case to switch them off.
To prevent the battery from draining completely, just make sure that both earphones are stored in the charged charging case when not in use. If the charging case is out of battery, it will drain the battery of the earphones.