Does a water softener change the PH Balance of the water?

Yes there is a very slight change in the PH Balance which all depends on the quality of the water prior to softening.

Typically a water PH of, for example, 8.6 may be 8.5 after softening and likewise for something like 7.5 before softening it would end up at 7.4 after softening.

For all intents and purposes there is no change.