Yes, proper ventilation can indeed extend the life of closed-soffit exterior elevated elements (EEEs) such as balconies and decks. Ventilation helps to reduce moisture buildup in the EEEs, which can cause rot, mold, and other types of damage over time.
By allowing air to circulate freely through the EEEs, ventilation can help to maintain the balcony, deck, and porch and have safer EEEs for occupants.