Possibly not balanced enough, quite yet, but in any way balanced, yes. Most of their good stuff is either very expensive (in either gold, resources, or both), old, temperature locked, or all of the above -- and almost none of them are particularly tough without some help. Something like half their stuff is ice-forged, but the other half can only be recruited in a province with heat scales -- meaning you either have to mostly-forgo half your army, burn gems on temperature effecting rituals, or accept half of it being relatively ineffectual. As noted, their temples are 800 bloody gold -- they generate fire gems, sure, but each individual one costs nearly as much as a fortress. Their sacreds are pretty awesome, but they're also capital only, really need a good bless (Major water would probably be ideal, since they're both flying with a charge attack, but they want at least minor earth and probably some degree of N or D if they can swing it, too.) and the really sexy one is 125/60 and can only be recruited at heat >=1.
Basically, they've got a lot of neat stuff but their pretty much everything* costs a shitload, and they're in that unenviable position where they want both scales and a bless, and both heat and cold. They've got a lot going for 'em, but using it all is more than a little bit of a juggling act.
*Except those delicious flying composite bow users. 10/7, base 12 prec, composite bow? Yes, oh gods, please. Of course, their flaming arrow casters can't fly, but...