I think this whole "you need a work life balance" propaganda can be as misleading as "eat, sleep, code, repeat", especially for younger programmers who have no idea and rely on more experienced idols (such as the guys at Basecamp).
It really depends on what kind of life you want to have. If your priority is more towards making a huge dent in the world, I think trying to have a "work life balance" is a terrible idea. Here I'm speaking statistically because there are rare cases where people stumbled upon success even without putting all their life into it, but I would say these are exceptions, not the rule.
Most extremely successful people have had very abnormal life--far from a balanced life--(Maybe you hear about them talking about having a balanced life here and there but that's them speaking after they have achieved success. Of course if you spent all your youth on working on something you would want that time back. But I doubt they would be where they are if they actually did what they say).
Take a look at Basecamp for example. I don't want to pick on them but there's no better way to argue with their philosophy than what's going on with them. Sure they were one of the pioneers in their space, sure their co-founder created Ruby on Rails, and I totally admire what they have achieved, but what have they achieved in the last several years otherwise in terms of their own product innovation? They have killed most of its other products, and their main product--Basecamp--is not exactly the mainstream product that everyone uses. If anything it's Slack that will become what Basecamp could have been. I watched one of their interview videos where they were talking about how they thought about building an awesome new product but decided not to because they didn't want to waste time maintaining a new product. Personally I cannot sympathize with that at all.
Of course, it sounds like this is exactly the type of business these guys want, which would let them live the lifestyle they want, but if you ask me, I would choose a life where I create something that has extremely huge impact in the world--hopefully even after I die--even if it means sacrificing a lot of my "lifestyle". The Basecamp guys decided to live a life where they are mildly successful and enjoy their life, but they probably won't achieve anything world-changing if they keep doing what they do. That's fine and I'm sure they don't care, and I'm not saying everyone should live a crazy life, but I'm just saying it's as "such bullshit" to say everyone should live an unambitious life as saying everyone should give up their life to be successful.