Maybe I should point out some facts about balanced interconnection.
(For the basics please read a Wikipedia article).
(The latter is true for audio frequencies, for high frequency transmissions like computer networks some extra rules do exist).
• Most important, balancing is created on the receiver’s side only, not at the sender’s, by eliminating common mode signals.
The value of the common mode rejection represents the quality of the balancing, typical values range from 40 to 80 dB.
This is the amount of noise suppression.
• The only premise for the sender is, both legs, the hot and the cold line, need to have the same impedance.
• The requirement for the cable is:
All stray signals (noises) that enter the cable need to be perfectly equal on both lines.
Therefore a pair of twisted wires is used.
• A shield may help equally distributing certain kinds of stray electric field noise signals to both lines.
But - does not help with magnetically induced noise and ground loop related noise.
• A one side grounded shield indeed reduces the amount of stray noise by locking it out (faraday effect), a double side grounded shield (sender and receiver) may introduce ground loop related problems.
• A shield does not change anything if the sender’s impedance is close to zero Ohm (like with ADI-2’s headphone outs), as all induced noise is shorted out (reduced to zero) by the very low impedance connection to ground anyway.
This way an impedance balanced out signal can be had e.g. from ADI-2’s single ended headphone outs, simply by using balanced cable with the shield NOT connected at the receiver side.
• Analog telephone lines, short AND long distance, use unshielded (!) twisted pairs.
They do work with very high common mode rejection (high amount of symmetry), always transformer balanced for ground potential separation.
Résumé:
• Of course, for line level audio signals, using shielded cables is standard.
All commercially available cables are made like this.
Albeit, for shorter distance unshielded twisted pairs would do.
• For microphone level shielded balanced cable is the only option, as mic levels are at the lower edge of physical usability, with highest amplification needed.
The faraday effect is used up to the mic itself to lock out electric fields.
For the mic the shield is the only ground connection, and the return line for the mic’s phantom power (if used).
• For power level signals like headphones and speakers better use unshielded cables as standard, shield’s capacitive load can, worst case, even destabilize power amps.
At least high capacitance is a hard to handle load for a very low impedance amp output.