Of course, all settings are user-modifiable, and the defaults should be as close to balanced as possible, when compared to the vanilla scrap recycler. Specifically, default efficiency was changed to 25% return on ingredients in Factorio 2.0, to match the vanilla recycler.
Just to clarify: default settings are 25% efficiency, Quality Modules allowed, 4 module slots at the highest tier (all matching the vanilla recycler), and fluid ingredients recycle into solid variants (this is the only additional feature under default settings), when comparing stats. In terms of crafting speed, they're difficult to compare, because it also relies on the speed of the recipes, and I think the Reverse Factory was slightly slower in some cases, though equal in most.
The only other change is that with Space Age enabled, Reverse Factory can only be crafted on nauvis, and can only be placed on planets excluding Fulgora, for obvious reasons (although I might have excluded vulcanus as well, still need to see if that had any balancing issues, I forget why I excluded that one). Oh, and also the tiering structure that restricts recycling of most intermediate items (like circuits and engines and gears), preventing productivity looping (recycling an item, then re-crafting it with prod bonus to recycle again and get more ingredients back) until unlocking the tier 3 machine.
So overall, should be relatively balanced by default (and of course, settings are available to break it as much possible, playing both sides of the fence)