Anything that spins can benefit from balancing…
The individual has to determine their own perception of a cost-benefit ratio…
Myself, on a trailer steel rim, I would check the rims balance and rims radial run out first… on my rims the center hole is centered with no appreciable difference between hub or lug mounting and they can be balanced by either hub or lug centric means…
the valve location is also the heavy balance point so I make sure the tires yellow dot (light spot) on the tire is positioned in line with the valve hole (heavy spot)…
For radial run-out I would ignore the tires yellow dot and use the tires red dot (high spot) on the tire, if it has a red dot… the rim may (should) have a dimple at the rims low spot for matching or lacking that again use the valve hole location…
There really is no down side to balancing a wheel other than the one time cost itself…
As far as balance goes you can’t make it worse using a properly balanced wheel… only mounting a unbalanced wheel on a unbalanced hub and drum has that risk of being worse by having the 2 heavy points closely aligned…
