I'm rusty on it but iirc the M61 fires 20 mm explosive tipped rounds. They would rip through the balloon and probably not explode, but put everything where the rounds fall in danger.
I think cannon rounds would be pretty useless against a balloon.
using a heat seeker makes sense because it can see the target, the sensor in the seeker head will trip the explosion when it gets into proximity it doesn't need to hit the balloon and it will shred the crap out of the balloon
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