i have two points i'd like to bring up.
First, on balance. Yes, absolutely essential in any sport, especially dancing. As we get older, our balance can be more problematic. Injuries to the ankle and foot especially can affect balance in the long-term but the good news is that it is possible to improve your balance by re-educating the brain's response to nerve path-way signals from the feet. Here's a simple exercise given to me by a physio a few years ago when i injured a foot. I do this exercise pretty well every day:
Stand on one leg. Keep leg straight, not soft as in dancing. Arms out to the side, other leg bent and foot free (not jammed behind the standing leg - that's cheating!). Stand for 20-30 seconds, then close your eyes and keep your balance - if you can. Keep trying. Swap legs. I have found this very beneficial. However, it only trains STATIC balance. Dancing is a dynamic activity and 'balance' also includes good control of transference between energy of movement (kinetic energy) and body position (potential energy), especially in waltz
The second point, related to this first one, is on the comments about body rise onto the toes. Take the 1-2-3 of the natural turn in waltz. There is a huge kinetic energy at the end of beat 1. We've lowered from the previous beat 3, introducing some energy, and added to it with the drive on beat 1. This energy is carried into beat 2, then, as the left foot plants on a soft left leg, and we continue to rise on 3, this kinetic energy is transferred into potential energy and we rise higher than we would if we just pushed up with our legs. Don't underestimate the effect of this energy transference. Do the sums! Good technique allows smooth control of the transition, and, of course, a good long drive on beat 1 increases the effect. Next time you see beginners dancing, watch how they bob up and down without much benefit from this effect.
The dynamics of dancing are complex (because there are two people) and fascinating. There's room for serious research.