Usually the block will be bore prior to being honed. Block are usually bored for a few reasons.. going to oversized pistons, excessive p2w clearance from the bore being worn, or bore taper. If you dont need to bore your cylinders then just honing them should suffice. Usually just the internal rotational mass is balanced, meaning pistons rods & crank. I suppose you could have the flywheel balanced if you wish but ive never heard of it being done at the same time was the rotational mass