Every time something comes up like the Balloon story, I wonder if they are trying to demonstrate Joe's incompetence (again) or distract from something else...
Nothing is as it seems.
If red represents deadlight..ie...the souls of children, then white (balloons) represents a sign of purity> the salvation and restoration of children's souls>a comm to the black hats from the white hats
https://screenrant.com/it-stephen-king-pennywise-balloons-meaning-deadlights-theory/