Hyper Fighting is the most balanced without a doubt, yes it is easy to stun people in that game, and you can do some very high damaging combos. However those 99% combos that you see are nearly impossible to do in real game fight, nobody does those at high lvls of play in Hyper Fighting.
Also stuns become negated greatly at high lvls, due to the fact that everyone is positioning, zoning, and footsing each other. At the highest lvls of Hyper Fighting, the best players are usually the ones who plays the strongest turtling game. When I'm talking turtling, I'm talking about positioning and footsies, and landing combos at this point becomes extremely difficult.
Hyper Fighting's balance is in the cast, almost every character can fight in this game, the only one who has problems is M. Bison, and even he can be used. However everyone is very good, given Ryu maybe #1, however most of his match ups are 5-5, or 6-4's, with two being 7-3's, and that's Honda and Dictator.
Not only that, but tournament results for Hyper Fighting back in it's hay day was extremely varied, you had characters at Low-Tier even placing up in the Top-8 numerous times. You didn't see floods of Ryu's taking 1st even though he was the overall best character in the game. Take all these into consideration and in comparison to other SF games and Hyper Fighting easily wins this notion.
Hope this is what you were looking for,
Peace
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