Well, take for example Trident. Trident overrides the spell limit by giving you endless Earthquakes, only it deals more damage than a Wand, costs less to activate than a Wand, doesn't require empty space in your hand, doesn't make you then cast the spell that you just conjured, and it costs less to cast.
Compare that to the advantages the Wand has: it's mono, and if it matters you can save up multiple copies of the spell in your hand and cast them all at once.
So yes, given the power level between the two, I feel like it's balanced.
