They are, overall (though not at all in the steps by which they are carried out), one reaction scheme: a redox reaction, which can be driven "uphill" (reduction) by the energy in sunlight and "downhill" (oxidation) by thermodynamic "gravity", as it were. Just about any chemical reaction can, in principle and rather trivially, be driven in either direction, so the mere fact of this is not in itself evidence of balance.
My understanding is that homeostasis refers to a stable biological state that resists being changed, as a result of some regulatory feedback. There is no such regulatory feedback implied by the reversibility of this reaction. However if you were to expand the scope of the question to look at the Earth's carbon cycle, there is a kind of balance, with carbon sources and sinks more or less in equilibrium: https://en.wikipedia.org/wiki/Carbon_cycle I'm not sure it is correct to call that homeostasis though, as many of the components involved are not biological.