No this is a big misconception in my opinion. It may be the case at bookmakers like SBOBet, Pinnacle etc. who have fewer markets and higher liquidity (but I'm not sure as I never worked for one). I worked as a trader and it was extremely rare to end up with a balanced book like that. We did sometimes move the odds slightly based on liabilities but we never wanted to move them so much as to arb with the wider market.