Ability to generate simultaneous bandwith of 100,000s of fires is also significant, most conventional long range strike / projection platforms are severely limited in how much fire they can deliver / unit of time. It's not feasible to sortie past limit of carriers or air bases, but the amount of balloons (or land based missiles) that can be delivered is much easier to scale, which means it's easier to satuate defenses. At the end of the day PLA is going to have very limited traditional methods of projecting power to CONUS (lack of carriers, or local basing), so they're going to latch onto any asymmetric platforms that can reliably bring war to CONUS. TBH I was not really anticipating mass balloons, and PLA planners probably weren't either. But the idea of hitting strategic targets with expensive long range missiles (i.e. prompt global strike) is something PLA is pursuing, now I imagine PLA planners are likely going to explore the virtues of cheap balloons that can scale more economically than missiles.
Basically, I think this is a strategy that's effective at scaring the US citizenry, but it is such a bad idea in practice no good adversary would choose this instead of the usual nuclear deterrent.
Of course on all things relate to fire it seems like the US has been about dumb as possible. 99% Invisible podcast episode 'built to burn' goes over this rather well.