You are absolutely right.
Bubble balancer = static balance only; sum of the forces about the wheel axis = 0. This only works well for skinny wheel/tire combos (like the old model-T’s or bicylce wheels)
Dynamic balancer will force the sum of the moments about the wheel axis to be zero. This is why weights are placed on both the inside and outside of the wheel. This is the only way to properly balance a modern wheel/tire.