I don't think so, the referee was being fair with that decision since he was called back by the VAR officials. Having a close look at the action, you'll see that the ball hit the lower part of balde's hand that was away from his body. It was a clear penalty and the referee showed an unbiased judgement by awarding it.
No one is talking about whether the ball actually hit the hand or not. Not every ball-to-hand situation is a penalty. The arm was in a natural position and if it hadn't hit the hand, it would've hit the body anyway, so it didn't disrupt the flow of play at all. Balde defended very well in that moment, it's a shame that effort went to waste. Still, since Barca didn't lose points because of it, it's not a big deal. It didn't affect the course of the league in any way.