Balefire is not commonly used, in fact it was banned during the war in the Age of Wonders by both sides after they found out what it actually did. Which is to completely remove someone from the pattern. And as it does so it unravels the pattern around the hole it's created.

Now:

In the final book Egwene finds the counter-weave for Balefire and can heal some of the unraveling in the pattern done by Balefire, however doing so requires her own life.

All this considered, Jordan never says specifically but we never see an instance of anyone Balefired in the the Age of Wonders coming back in Rand's age so I would assume that unless they were affected by the above they couldn't come back.

Brandon Sanderson has said otherwise as mentioned in another answer but without confirmation from Jordan's notes I take that with a grain of salt. As it doesn't make any sense in the framework of the pattern set up and how we see it described in the books.

Balefire is not commonly used, in fact it was banned during the war in the Age of Wonders by both sides after they found out what it actually did. Which is to completely remove someone from the pattern. And as it does so it unravels the pattern around the hole it's created.

Now:

In the final book Egwene finds the counter-weave for Balefire and can heal some of the unraveling in the pattern done by Balefire, however doing so requires her own life.

All this considered, we never see an instance of anyone Balefired in the the Age of Wonders coming back in Rand's age so I would assume that unless they were affected by the above they couldn't come back.

My take then on balefire vs normal death would be this.

Birth ---> Life ---> death ---> weave basket ---> Birth
VS.
Birth ---> Life ---> Balefire death ---> intervention (wheel, creator, above, other balefire user, ect...) ---> weave basket ---> Birth