No. Temperature increases until balance is restored. Temperature is currently increasing, which means the planet is not radiating away as much energy as it is receiving.

I think we're talking at cross purposes. There's a clear equilibrium state which is both higher temperature and notably bad whilst completely balanced from an energy perspective. Climate change is not bad because the temperature is increasing, its bad because it has increased and is going to increase more. The fact we still have baked in warming is additional bad.

Yes, at equilibrium the temperature stays constant. I'm talking about the average temperature of the entire Earth over time. We are currently not at equilibrium because we're pumping unfathomable amounts of CO2 into the atmosphere, so the average temperature is skyrocketing. If we were to stop emitting CO2 today then in a few decades or so the planet would reach equilibrium and the temperature would stay constant at that new normal.

This is of course simplified, but roughly correct as I understand it.