The symptoms of PN depend on which type of peripheral nerves are damaged -sensory, motor or autonomic nerves. Neuropathy can affect any one type, or a combination of all three types of nerves. So It may be possible. Sometimes high or too low blood sugar levels may have an effect on a persons balance. So proper diagnosis play IMP role.

Balance is an issue in a number of chronic ailments, often due to limitations to activity/mobility that leads to muscle weakness and affects balance.  Specific to PN Harvard University looked at Motor versus Sensory Neuropathy as the predecessor to balance issues.  Michael Polydefkis, M.D., professor of neurology at the Johns Hopkins University published findings that prediabetes patients showed signs of PN before onset of diabetes.

Check out article:  Peripheral Neuropathy: Differential Diagnosis and Management, 

HEND AZHARY, MD; MUHAMMAD U. FAROOQ, MD; MINAL BHANUSHALI, MD; ARSHAD MAJID, MD; and MOUNZER Y. KASSAB, MD, Michigan State University College of Human Medicine, East Lansing, Michigan

Am Fam Physician. 2010 Apr 1;81(7):887-892.

I am specialized un peripheral neuropathy ( head of tertiary referral center)

Balance discorder Is un uncommon and late in diabetes 

other cause should be looked for as CIDP or B12 vitamine deficiency