A balun separates the signals so there not mixed.
Note that the balun often recommended when using the OCFD is really a balun AND a transformer, in this case a 4:1 ratio, ie what is usually seen as a "75 to 300 ohm" balun/transformer.
The OCFD needs a transformer, as the element lengths were carefully chosen to present a reasonable range of impedances, from about 100 to 400 ohms as you sweep across the bands, and the transformer presents a better impedance match to the 75 ohm cable.
The elevation angles at uhf and above looking nearly straight up are another story covered elsewhere.
The "balun" part is basically non-existent electrically due to the severe physical/electrical imbalance of the antenna itself swamping any balun action, and the fact that most tv-type balun/transformers are voltage types and not current type. So all that is really active is the transformer, and a heavy common-mode interaction with the cable braid since there is no balancing taking place.
One suggestion when using a tv-type balun/transformer for an OCFD is to use one that has separate isolated windings. Some have shared grounds, and this only aggravates the common mode problem. The isolated windings help a little bit here. Ferrites can also be used externally but in the environment for an ocfd, one usually doesn't spend a lot of time trying to perfect it.