A minimal wicking balaclava can work, but only for very specific situations. These fabrics absorb and hold moisture rather than actively moving it away from your skin, so they tend to feel damp during any real exertion.
Minimal wicking is best suited for short sessions or very cold, low-output skiing where you're barely breaking a sweat. Think quick morning laps or slow cruising on frigid days when you're mostly staying cold.
The trade-off is significant for most skiers, though. Your own breath condensation alone can soak the fabric, and once damp, it can freeze against your face. You'll also notice more goggle fogging since moisture has nowhere to escape. For anything beyond short, easy outings, you'll likely be much more comfortable stepping up to at least moderate or active wicking.