Correct. I find I can get by with just holding a screw driver horizontally with the blade in the hole.
That works, to an extent, as does a nail stuck into the side of a bench.
But because of the sliding friction in the hole, you can end up being misled that way. The real balancer guarantees that the pivoting point is in the center. It's a little more accurate, though how much accuracy is required in balancing mower blades is debatable.
For my part, I use the plastic version of that balancer. It works for me, only cost a couple of bucks, and fits easily in my sharpening supplies drawer.