From a pure IPC point of view, yes, the NOs are off. However, when one looks at what they force the teams to do I feel they even out a bit better.
For example, if your not playing with NOs, trading france each turn is not a big deal esp with italy helping, however with NOs france becomes the most valuable territory in the game from an IPC point of view if you can hold it. (16 for allies, 11-16 for axis)
Also, without NOs when the allies land in Africa its not a big deal, with NOs it is a pita for italy.
With NOs you have a larger desire to hit Egypt G1 to keep UK’s income down, without NOs it is not that big of a deal.
And let us not forget FIC, which i’ve found to be easy to take for a turn as UK on turn 1 to get my NO, then just grab carolinas with one side or the other.
And the second Russian NO isn’t easy to get, but it can be done if you grab Norway and Finland with UK then just look for an opening.
All in all I feel the game is slightly in the allied favor without NOs, balanced with.