For what I am arguing it would probably be more akin to saying you want to play both at the same time, or freely respec a character from wizard to demon hunter. You are talking about different gameplay options and of course they can potentially be balanced. They should be.
What generally can’t, is the game systems. You can’t have both zero respecs and free respecs. No death penalties and harsh death penalties etc in the same mode.
A decision have to be made on where on the scale the game should be. You can pick one of the extremes, or make one of the endless amounts of compromises in between.
Compromises sounds tempting, but if you pick the middle ground solution every time for all of your game design vision, you end up with a bland game that nobody wants.
Pleasing everyone is a bad strategy. Make a game that fits your vision as a designer, and stick with it.
That obviously does not mean that there are never cases where the middle ground is a good solution.