But it most certainly doesn't balance out. Either a population grows or it shrinks, when a population grows it can produce more but there are more to feed, when it shrinks it ages, at first you have prosperity from that but eventually you wind up poor and old.
Or we have a society and an economic system designed to push women into the workforce and makes having children an expensive luxury good? That is a policy decision that can be changed. If it were economically beneficial for a woman to have two to four kids instead of grinding 40-50 hour weeks in the office, a lot of women would reevaluate their choices.
And it's much better for us to figure out a sustainable solution now than to wait a generation or two for the world to have a general fertility crisis. Right now it is localized to first-world countries, so we have some time to figure out a solution before things get really dire.
There might not be a sustainable solution, besides a brave new world, but I personally would like to preserve human dignity. It appears that steady state population sizes are a rarity in the natural world and that almost all populations are chaotic and fluctuate. https://fractalfoundation.org/OFC/OFC-6-1.html
But people still see the drastic change within a single generation and don't like it. And you can't blame them, if you started settling white people in some African country by the million a year you can very much expect the same from the people who already live there. They'd call it colonialism. And they'd be right, and if they were facing a fertility rate crisis like the west is they'd be screwing themselves over, but you still wouldn't be able to convince them that they have to do it.