Actually, the magnetic holder, tapered cone and blade spin on a bearing so in fact it Is a dynamic balancer.
No, it's still a static balancer (it's what I use.)
A dynamic balancer would detect off-balance conditions at full speed. Conditions such as air flow, inertia, etc. Simular to an automotive wheel balancer. You can static balance a tire, but it may may be out of balance at 38 mph, or 51 mph. (If you notice, they usually balance at 65 mph as any OB is usually not as noticeable at slower speeds.)
One other commenter wrote that it's better than a cheap cone balancer. I completely agree, no matter how careful you are with a cone balancer (which is MILES ahead of a nail or screwdriver balance) it will almost always be out, abet slight, on a magnetic balancer.
You'll get most of the out-of-balance on a code balancer, and it's foolhardy to go through all the trouble in taking the blades off, sharpening and then not take the extra time to balance.