Are balanced funds any good?

I'm curious, are balanced funds truly a wise investment choice? On one hand, they offer a mix of stocks and bonds, which can potentially provide a balance between risk and reward. But on the other hand, is this diversification really necessary for every investor? And how do they compare to other investment options, like index funds or target-date funds? Is there a risk of underperformance or excessive fees? I'd love to hear your thoughts on whether balanced funds are a good fit for the average investor.