Balloon framing was purely a method of convenience back when consumers were able to get their hands on 30-40 foot framing timber. As such, it was only popular during a limited window when sawmills were popping up across the West and virgin old-growth forests were being clear cut.
The author is using "balloon framing" to describe the entire concept of modern framing. But if you start throwing around "balloon framing" to describe modern houses you will at best get weird looks from contractors and at worse draw the eye of fire inspectors.