Yes, I snip off the faded blooms but not the stems that hold the blooms  of my balloon flower or perennial platycodon. This takes some time to remove each faded bloom but keeps the plant in flower for several months. To me the greatest joy of this summer flowering perennial are the fat buds filled with air that pop like a balloon when pinched. The entire plant will die back in the fall so you can cut it to the ground once it turns brown. Please note that this plant is late to sprout in the spring - I have forgotten about mine and dug into the area to add new plants only to find the roots of the balloon flower just starting to sprout.  Keep growing, Marianne Binetti