I've been balancing trailer tires this way for forty years, the worst case was a tire that was 5 oz. out and a drum that was 5.5 oz. out. I used my method and only needed a tiny weight to bring it into balance. Had I not known the heavy spots, it would have taken a considerable amount of weights or balance beads to make it work. Using my example, even 10.5 oz. would not be enough as the beads will spread out over a large area. The thing about using the beads is that there is no way of knowing the correct amount. I prefer to physically balance the assemblies and not depend on beads re-balancing after every stop.
One thing I am sure of is that nearly all trailer wheel assemblies are out of balance despite so called balancing done at tire shops.
I pulled snowmobile trailers for many years that had the small 10" diameter wheels, for those I made an arbor to fit that had low friction bearings. This way I was able to balance without all the de-greasing. Good tires in this small size are impossible to find, so I did a lot of replacements.
My single axle utility trailer has no brakes, but the hubs still were considerably out of balance so I removed material where I could but had to quit before compromising the strength. The quality of the axle assemblies in nearly all trailers is extremely poor, so we must recognize the problems and do what we can to live with them.
I also have an on the vehicle electronic balancer but of course it can't tell where the heavy spots of each component is located, so I only use it to verify balance.