Yes, but it's still (probably) post work.
To normalize volume of different feeds (if you say "equalize," you're referring to manipulating individual frequency bands), you'd need a compressor/limiter on each participant's input channel. Skype doesn't support this. Doesn't help Skype rolls off anything under 200Hz and uses an 8Khz sample rate, so loses anything above 4Khz.
Levelator (free) is the best tool I've ever used to normalize voice volume. It would require Red to export a WAV file, but then you just drag the WAV to the Levelator shortcut (or program window) and it will do a wonderful job of compressing, limiting and normalizing all the voices and spit out a file in the same folder as the input. Reload this file to an editor and its done. Levelator hasn't been updated in 10 years, but certainly still works on Win 10. I haven't tested on Win 11. Levelator hands down beats the slew of compressors I own, and it just works without fiddling around with settings.
OBS has a compressor, but it would, of course, be working on the summed audio of all players at Red's end. Still, try a threshold of -32, ratio of 2.5:1, attack of 5ms, release of 250ms and a gain of +12dB. These are my typical starting settings to record myself - although that's in "presenter mode," which is less dynamic than my conversational/game voice.