I find that it helps with balance, however, there are two commonly accepted "types," as it were, of stretching, namely "static" and "dynamic."
You can read more about it here, but static stretching has been shown to have a negative effect on balance as opposed to dynamic stretching. See here to read up on these terms in depth, but the main take-aways are this:
(1) "Dynamic stretching involves active tightening of muscles to move joints through their full range of motion. Functional and sport-specific movements help increase muscle temperature and decrease muscle stiffness. This form of stretching improves speed, agility, and acceleration."
(2) "Static stretching requires you to move a muscle to the end of its range of motion and maintain it without pain for 20-45 seconds. Repeat this 2-3 times each. This is a very effective way to increase flexibility. It must be noted that using static stretching post-event will help prevent injury; however, if static stretching is performed prior to an athletic competition, it may negatively impact performance. Static stretching may limit your body’s ability to react quickly. This may last up to two hours in activities such as vertical jumps, short sprints, balance, and reaction speeds."