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Looking at their list of ingredients, Wonder Balsam is probably a more upmarket choice. Dubbin was originally pretty much animal fat, so it would fill the pores of the leather (where water may be absorbed) with something not dissimilar to when the animal is alive and clog the pores to avoid water absorption. But as a result it 'can' rot textile like thread used to make the shoe.
That balsam is full of good stuff like beeswax, so your shoes will probably be fine.
Dubbin is going to give you a waxy finish, balsam is likely a bit more gloss.