Well, they take in some balance-concerns from the community at least, but it's more like "The community has said this is op, let's do something about it." - and then some choices are made, based on ... I don't know what. The Wonder-Patch is the perfect example - they knew that "players didn't like them", came to a conclusion that I just can't understand and now wonders are even less powerful and more expensive than before.
To be fair though, in other situations they have reacted "better" - free techs as Traits for example. But then of course Academies are still insane. Overall it's very hit-and-miss, does not seem like the infrastructure to make the people who design and code understand the issues and the possible solutions is really working that good.