I disagree that you don't need balancing valves in a variable flow situation.
The problem with variable flow is low delta T. Coils served by chilled water have very small increases in capacity when 'overflowed', which result in a smaller delta T in the coil. Because the capacity is only slightly higher, the control valve on the coil (which just cares about setpoint, not return water temp) won't help with the situation.
VFD's help, but don't completely fix the problem as pressure fluctuates rapidly in the system, often too fast for the VFD to respond (depending on PID programming and location of the deltaP transducers). The location of the deltaP transducers also becomes relevant in complicated systems with multiple branches serving different occupancies and exposures.
This smaller delta T leads to chillers that appear to be undersized.
On hot water, in condensing boiler applications, delta T helps drive down return water temp, and an automatic flow limiting valve protects that delta T.