I am not sure, but my reading of RV's first reply sounds like he is saying that balsa is unsuitable for a stropping surface.
For a strop I disagree with the statement that "The essential concept is a base platform which is smooth and hard. "
Stropping by definition requires a soft surface. Lapping uses a hard surface. Both can produce sharp polished edges. This subject is a spectrum, not a single case since it ranges from mechanical burr removal without abrasive (stropping on the palm of ones hand) to edge polishing with abrasive, from heavy convex forms to dead flat (which is what RV is describing very well).
Balsa could probably be used as is if acquired in a thick enough section, I would think it would need to be over 1 inch. In the commercial model making stuff that is sawn to thickness, a 10mm slat is glued to a plywood or similar backing to give it support.
Whether the surface of the balsa compresses and dishes with use and whether this matters are two related but separate questions. I use my balsa strop for plane irons and chisels, these are straight edges and what load there is is spread across a fairly wide front in most cases. It is good for the surface to remain flat. If the surface gets dented and grooved I can sand it flat with good resin bonded 60 grit paper on a glass sheet without much fear of the balsa picking up large grains. For a knife strop, there is more chance of the surface being compressed from the narrower pressure on a knife belly, but in most cases knives are less fussy about dead flat surfaces, unless one is going for super flat carving blades.
If the aim is to have something that will do a similar job to a wood-backed leather strop for knives, then a bit of denting on the balsa surface is of no real significance.