@mulveling
Thank you for these elaborations.
I understand what you are saying, but that is exactly how tonearms were wired to amp inputs before there were balanced domestic set-ups e.g. my first stereo system in the mid 1960s (balanced started in studios where they had long inter-connect runs). So what has changed to make that connection pattern balanced now? Note in this set-up the earth is common to both channels, no separate earth for each.
So with that historic pre-balanced pattern I am inclined to think the ARC Ref 3 is not fully balanced.. I was involved a while back here in a thread where a piece was specced as 'fully balanced' but posts were saying it was not 'fully balanced'. Some while back I had some leads made up with XLRs on one end to suit my tonearm output and phonos on the other to input to a phono only phono amp. Since then I have decided not to go that way.
I don't pretend to know the answer, but in an environment where some say so -called fully balanced amps are not, I prefer to see XLRs on both sides.
By eliminating the XLRs they once put on their top phono amps ARC may have lost a sale here as I decided not to dem it.
I used the top Stax headphones and dedicated amp when I lived in an apartment from the mid 1990s. They were awesome. Even if single ended - I have no idea with that five-way single connector. I ought to get them out again and have a listen.