Name brand wheels are pretty close to balance out of the box. and most can run that way. (I mostly don't balance a wheel)
Still, It doesn't hurt to balance wheels if you wish, You may get a better finish and it may be better for your spindle(?). A balancing arbor can be bought for a low price, and a couple of rectangles set on your level chuck or surface plate make a good wheel balance set-up. A carbide drill can crush a dent in the (vitrified) wheel for balancing or a wheel weight mount can be used.
A manufacturer might void a spindle warranty by asking "Did you balance every wheel"
A wheel balance arbor is an easy thing to make on a lathe.
The hole fit to the mount is important and a wheel with a worn-out hole tends to run out of balance.
all wheels should have a mount-up line added to accommodate the hole clearance so the next time put on it will run smoothly to the last dressing, and run smoother to the last balancing.
Important to run wheels after the coolant is turned off to sling coolant out of the wheel.
Good to store wheels on a peg board so less likely to get dropped, * and the wheel board should be covered so shop dust does not fall on the wheels.
Wheels should be tight, hearing guys say that just shutting down the machine can loosen a wheel is just stupid IMHO. I would not have such a dangerous guy in my shop.
Balancing should be done after dressing the wheel. (or balance it twice.)
For super finishing, I also dress the front and rear face, and I dress the OD taper of cup wheels. (Mostly don't do that unless some special finish spec.)
Fresh diamond facet/edge. lightly rub a wood stick after dressing. ring test wheels, inspect mount flange, always a blotter, don't exceed listed RPM. block-in should bump high on a part in the Go Direction. push a risky part with two fingers and if it tips over readjust your set-up..
*I like to hand turn and then jog start a grinder spindle that has set for a time. A slug of dry oil or grease can make a ball drag at the start and harm a bearing. I jog start all my grinders every time / it only takes a few seconds. (even for bench grinders.
It so not uncommon for overhead dressers to not be turned and they get flat-nosed.