No it fucking doesnt, psi crabbos are the most armored crabbos in the game, you can easily kill one by applying EW and then smashing, but when EW is on cooldown, killing them is pretty fucking hard, even with Balor's, not mentioning that psi crabs are often accompanied by colossal crabs, that have the nasty habit of applying Crippling Strike.
When EW is on cooldown, you can always use Mind Crack to deny the psi crabs the ability to spam Electrokinesis on you, then once EW is ready you Balor it again, rinse and repeat.
One thing doesnt invalidates the other, and when Balor's cannot get the job done Mind Cracker is a good backup hammer in the meanwhile.