Does it apply dmg in the same way as a statted point or is there some change? EG. +14 dex chest or vita, etc. Does it have the same effect as 14 skill level points going to dex?

for strength and dexterity then no. points on gear do the same work as applying the stats in the char menu.

vitality and intelligence give additional life and mana respectively based on your character level when statted which doesn't happen from gear
The other benefit of giving increased defense/magic defense however is the same. As well as increased cast damage for intel.

so in general do not get vitality items ever.
intelligence items are still good because casting is strong and you don't need str/dex if you're going cast damage.

Ok thx. So if there’s a +30 str chest it’s pretty much the same as putting 30 level ups into str?

correct yes