There is a chain of brake/alignment shops in SoCal called Bear Frame and Axle or something like that that does all their wheel balancing on the car.
If the car has hub/bearing/rotor balance issues, thic could help, but it may go out of balance as the tire wears, and also if the wheel is removed and put on another location on the car, or even with a different orientation back on the same axle (ie. comes off with valve stem up, goes on with valve stem down).
I think 3-way dynamic off-car balancing is better (I think most modern balancers are this way; they can check for out-of-round and sideways wobble), and treat unbalance on the car itself (bearing/hub/rotor/wheel centering, etc.) as a separate issue.