It absolutely is a harmonic balancer, but it's main contribution to engine longevity is to reduce the impacts of torsional forces on the oil pump and chain. I have seen several high-revving engines with alloy pulleys break up the gears in the oil pump; TUs, XU10s and supercharged minis too.
If you've had bearing problems there's some other reason for it, but I'd recommend keeping the HB unless you are going dry sump with a belt drive.
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