Not necessarily. As with anything electronic, anything that requires higher amount of power will generate heat, which I would imagine a personal cloaking device would. Even if it had cooling to try and return itself to the temperature of its surroundings, there would still be a visible outline of the person. You might miss it if you aren't paying attention, but you would definitely see it.
As for shattering the balance of detecting cloaking individuals and counterbalancing, a couple of things. Firstly, how can you guarantee that it will not shatter the balance of cloak detection? Technically speaking, you can completely lock down the base from cloakers by having an RC in SHB hallway, both MHB hallways (with the big doors closed), and the entrance to that CiC/Control Room overseeing MHB. Hell, you could remove 3 RC from the equation by just having one RC at the entrance to armory, and then cloakers are unable to get into anything important.
For counterbalancing Guild Spies w/ Jetpacks, a couple other things. First and foremost, jetpacks on the black market on damn expensive. 1000 renown for the Spy job, followed by the costs for being in a clan, followed by 200 renown per jetpack. Tbh, doesn't seem like something that is much worth countering. Secondly, no matter how good cloaking tech is, there's no such thing as a silent jetpack. An RC can just follow the sound and wait for them to land. Finally, why is countering another player-job something we are striving for? This isn't a PvP server, where you get VBucks for your new skins and emotes. This is a RP server, and setting up jobs in order to counter others is kinda cringe. Just RP that shit. Problem solved.