Air carrier First Officer reported obstacle caution during approach. Flight crew leveled aircraft and continued approach.

Narrative

Sunset Approach into Toledo Ohio on visual Runway 25 (ILS guidance) as PF. Approach Control vectors us in on a left downwind at 2100 feet (300 lower than FAF altitude) in order to turn inside the FAF. We turn base. I was getting the sense I was high at this point; I asked the Captain as he could see better from his side and he agreed. Glide guidance was not yet being displayed by the PFD (Primary Flight Display) so this assumption was made using only visual references. In response I use level change (thrust idle decent) to a lower altitude to correct just before LOC intercept. During the LOC interception and turn to final we received an aural obstacle" caution. At this point the glide slope had populated on the PFD and we could now see we were low. The Captain and I both immediately disconnected the autopilot but I maintained control of the aircraft since he saw I was already responding. Before even adding power the alert disappeared. We were approximately 1600-1700ft (Field elevation 650) at the time of the alert. We were still rather far from the field and otherwise stable so we simply leveled off as the LOC captured and continued the approach. The reason for my report is the caution report received during approach. In addition; I realized that that at the time of the alert it may have been considered night since the sun was nearly down. In this case the caution would have necessitated a go around instead of simply maintaining separation with the terrain during daytime VMC."