I had one break off on a 305 I was about to install in a truck,when I went to replace the timing chain & gears..
It broke off below flush too..

..
But I was able to drill it close to center,and I heated the bolt up with the torch enough to get the area around the hole a bit soft and I hammered an allen wrench in the hole,and to my surprise it unscrewed fairly easy..
I hate E-Z outs and screw extractors,those nearly always snap off in the bolt on me ,unless its a big size over 1/2"..pipes are about the only things I have removed successfully with those things..
The threads in the crank snout were muckled up,("loose")--probably from a previous removal of the balancer,someone probably used an air impact to tighten the bolt when they put the balancer back on..
I only had a 1/2"x 13 tap,so I used that to re-thread the 7/16" hole in the crank..was a bit leery using coarse threads,but I had no issues with the engine after it was installed for several years..
Back in the day (before 1968 or so),the early small blocks had no balancer bolt or a hole to put one in!..They were just a light press fit,and the usual method to install one was a 5 lb sledge and a block of wood..

..(good for the thrust bearing on the mains!)..
I have seen a few fly off,one on a Corvette that did some nasty damage to the rest of the car when it flew off,but for the most part its rare to have one ever come off..