The initial balance only really does two things - first balance the rad outputs, but also set conditions for when the system is bring the house up to temp. Once it is up to temp and it is just maintaining, that is where you will need a decent modulation range to avoid short cycling etc. It is also why you have an interlock to stop the system when the house is satisfied.
Well the balancing bit will make sure that no rooms are not starved of heat by other areas. The balance won't be able to maintain an overall TDelta for the whole system once it is warm. Modulating pumps can help there though.