Nope, terraces and balconies are not synonyms of each other.
Apart from the size, the terrace and balcony differ in terms of location and construction. A terrace is typically built from the ground floor which is then elevated or structurally fixed from the foundations upwards. In modern times, terraces can be found on upper floors or on the rooftop called Rooftop Terraces. These are open spaces that are typically fixed from the top of the roof.
Since a terrace is structurally attached to the ground, it can either be attached to a building or completely detached.
On the other hand, balconies are always on the upper floors and are fixed to a room or building. The structure uses either cantilever form of the structural system or with one side fixed from the buildings’ main foundations and the other side supported by columns. It is always fixed to a building or house and is never detached.
The terrace is much larger with more than one access point while a balcony is smaller with only one access. Terraces are for large gatherings while a balcony is just perfect for a romantic dinner for two.
If you’re still confused, remember these: The word terrace comes from the Latin ‘terra,’ or earth. And so, terraces are slightly elevated portions of ground. Perhaps that’s why the Philippine wonder wasn’t called the Rice Balconies.
References:
“What’s the Difference Between a Balcony and a Terrace?” Patio Productions, March 2, 2020. https://www.patioproductions.com/blog/home-decor/difference-between-a-balcony-and-a-terrace/.
DesignRulz. “Difference Between a Terrace and a Balcony.” DesignRulz, March 30, 2017. https://www.designrulz.com/design/2015/07/difference-between-a-terrace-and-balcony/.
“Terrace.” Merriam-Webster. Merriam-Webster. Accessed July 28, 2020. https://www.merriam-webster.com/dictionary/terrace.