It might be an incompatible audio codec causing the issue. Open the Mp4 video in QuickTimePlayer and do a Window/Show Movie Inspector. Post a screen shot of the inspector window.
Sometimes the Mp3 audio codec can cause issues and make the equalizer/noise reduction functions not show up. You want the audio codec to be AAC (Advanced Audio Coding).
Make a duplicate of the clip s to preserve your original, and then re-render the duplicate clip to H.264, Mp4/AAC with the free download, Handbrake. Do that even if the codec already is indicated to be Mp4/AAC. Re-rendering often cures the issue.
You can get Handbrake here:
https://handbrake.fr/
A simple way to do it is to open Handbrake and do a File/Open Source. Navigate to your video and choose it as the source from the resulting screen. Then do File/Start Encoding. Wait a couple of minutes for the conversion to complete. Then save and import the converted clip into iMovie.
-- Rich