I'll use your RX100 as the reference because that's what you've been shooting.

Exposure is like a bucket of light.

The camera is trying to collect the correct amount of light.

There are only three ways to change how much light reaches the sensor.

Aperture, how big the hole is.

Shutter speed, how long the hole stays open.

ISO, how much you amplify the signal afterwards.

If you let the camera control two of them, it will adjust those two to achieve whatever exposure you've asked for.

So what does exposure compensation do?

Suppose you're in aperture priority, Apo.

You choose F2, auto, ISO, and Apo.

The camera chooses shutter speed, ISO.

Now you dial plus one EV exposure compensation.

The camera thinks, open front, the photographer wants the image one stop.