Great summary of the nature of space. I think the analogy of a balloon makes sense when thinking about the expansion of space. Draw two dots on a partially filled balloon, then blow the balloon up. You will notice that the distance between the dots also increases. The discovery of gravitational waves is amazing as well. It really is like we are in some sort of "space goo" that can move. With time being weaved into space, this ripple or bending also causes perturbations in time.
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Yeah, the balloon analogy is good for understanding expansion of space. However, we should keep in mind that space is not balloon shaped (spheroid). [Will be discussing this in the next post :D]
Thank you @theabsolute for such a nice thoughful feedback. :)