This gets used to explain entanglement but it really has absolutely nothing to do with it. This is nothing that the ancient Greeks wouldn't have known.
Not to pick on you specifically, but do people really think it took a major revolution in physics in order to understand that if there are two balls, one is blue and one is red, then if you see one of the balls is red, you can conclude the other ball is blue?
It's something that I think humans can solve at the age of 3.
The failure in your explanation is right when you state that "one of the balls is red and the other is blue". The entire point of entanglement is that such a statement is not possible, that's a strictly classical interpretation. Rather, both balls are in a superposition of being both red and blue simultaneously, and it is not possible in principle to assign a color to either one of them until the moment a measurement is made.