I think it is. I dove off of Panglao for 2 weeks in 2022 including several days at Balicasag. I only got bored towards the end of the second week. I went back for a week in 2023 and I think that was a good amount of time to dive the best sites including Pamilican. Balicasag sites are my favorite. I have probably done up to 4 days in a row out to there and loved it.
You are probably aware that the dive operators will let you do a third local dive in addition to the 2 on Balicasag. I have done local dives both before and after spending the day at Balicasag. If you want to do the “wreck” off of Alona beach (it’s just a yacht they sunk there for divers) it’s recommend you go early there like 7am before your Balicasag dives because it’s a little deeper at around 33m.
Also I have noticed the dive operators may suspend trips to Balicasag because of weather fairly frequently. If the weather is really bad they won’t be able to put boats in the water at all, but most of the time when weather is bad you can still dive off the other side of Panglao where there is a bay and it’s a bit calmer. So if you want to be sure to get out to Balicasag, make sure you allow at least 2 or more days in case there is bad weather.