I only found out about Balenciaga recently, and since then I’ve seen two people wearing their gear: a young guy wearing their shoes, and a young girl wearing one of their sweaters. My theory is that they’re status symbols for kids with rich parents.
Sneaker heads buy Nike, or at a push Adidas. Sneakerhead.com has no results for Bakenciaga. It’s been a long time since the publication of Where'd You Get Those? 10th Anniversary Edition: New York City's Sneaker Culture: 1960-1987, but sneaker heads are about limited runs and artificial scarcity, not expensive shoes anyone with money can get.
Sorry... what? In fashionable places these are some of the most common high-end shoes I see people wearing. They're not very hard to buy or artificially scarce, just expensive, so they're not really a target for sneakerheads in the traditional sense of the word. They mostly care about specific colorways or variants that come in small quantities, or shoes that have just been released with constrained supply.
In general, sneakerheads wear the shoes they buy (unless it's something extremely rare like a 1985 Chicago AJ1).