I suspect it provides some (very) marginal help with balancing, at the cost of a microlimb that is particularly exposed to breakage by stubbing. Having broken each of my little toes by stubbing (on different occasions), I can attest that a broken little toe definitely makes it harder to balance. Hell, it makes it hard to stand.
I seriously doubt that there's enough strength in a little toe to provide much help with balancing. So given its propensity for injury, why have little toes not evolved away in large bipeds? (I don't think birds or quadripeds are prone to toe-stubbing)