It is still only the baloon. When a baloon deflates on a galleon, you can still hit it where the baloon no longer is because it is deflated. The band stays but does the big band, ad the bands count as hull?
The same reason that pyra superstructure counts as well?
But that does not go over to the baloon, and does not damage the hull as much as it should if the hitboxes work the same.
Edit: Whenever a ship hard rams a spire (most notable the goldfish, squid, pyra) on its baloon at the very front where it looks like it has most hull, why does the baloon then go down instead of the hull? If i could i would go and test stuff out now. No real manpower for that atm.