Depends on what you call "balanced".
Normally you have 2x RCA, a L an R and a common ground. This is called single ended.
Pro-ject uses a 4 wire approach, L+/L- and R+/R-. This is called balanced (in=out)
https://www.project-audio.com/en/true-balanced/
As you talk about common mode rejection, this is a 3 wire per channel approach. Hot, the inverse (the cold) and an ground per channel.
You need a balun at the sender to create the balanced signal and of course a differential amp at the receiver. There the hot and the cold are compared and all differences are removed. This is the balanced connection as common in the pro-world. Wonder if there are any turntables or phono stages offering this type of connection.