?? Nothing new here- this is how balanced lines have operated since their inception with telephones. take a look at the input to an Ampex 351 electronics circuit and you will see that the input transformer does not have a center tap. The microphone signal is received as I described. I don't like transformers, so we did it the way you do it when no transformer is used.This is a new word in electrical engineering and radio engineering. After it, the debate can be stopped.
We also do it another way using 3 resistors. In this hookup, all three resistors are the same value. The ones from the signal pins 2 and 3 meet the third from pin 1. In this way the 3rd resistor forces common mode operation, and negates any idea that the signal is being generated with respect to ground.
In a balanced line system, the signal of pin 2 is generated with respect to pin 3 and vice versa. Neither require ground, in fact you can operate a balanced line without using ground at all. However in a low level situation you might exceed the CMRR range and noise doing that will be heard. The point here is that does not even have to be a shield- a ground wire will do the job so the whole thing does not need any shielding at all.
If it were as you describe, that connection would not work.
Here's a helpful link:
https://www.ranecommercial.com/kb_article.php?article=2107