The whole point of balanced cable operation is to avoid interconnect
cable interaction with the sound of the system and if the tenants of the
balanced system are followed, it does this very well. This means that
to sound right, the cable does not have to be expensive, it simply has
to be correct!
Could you clarify this, because in my mind, the point of balanced is, and has always been common mode noise rejection. Good cable construction will of course lead to consistency of noise on both cables ensuring common mode rejection.
Now w.r.t. studio balanced connections, i.e. AES compliant, that is not just about balanced, but a drive/load standard that is low enough impedance to dominate over cable parameters.
Technically a phono cartridge is "floating" which means it's neither
balanced or single ended. It can be wired either way
This statement is false. A floating inductor like a cartridge is in fact a balanced source.
No, that statement is quite true. A floating source is not the same as a differential source. It would only be truly differential if you center tapped it and connected the shield to the center tap, such that coupling to the cable shield is similar for both conductors. That is not the case for a cartridge.
but the reason
there are so few balanced turntables/phono stages is that there is
diminishing return on splitting the signal to make it balanced,
particularly when the signal from a cartridge is already so weak.
I disagree with the diminishing returns as the two channels are completely separate loops, hence if you connect them to the same ground (single ended), then you loose the benefits of independent floating loops and reduce common mode rejection.