Dynamic balancing is not a "thing" you do, it's a design of the tonearm.
Long answer: a static-balanced arm is a simple counterweighted lever. A dynamically-balanced tonearm still has to be statically balanced (more or less) but uses a spring or method to apply an inertia-damping force to the tonearm in two planes. In general, static-balanced arms are considered by some to be superior for high-compliance cartridges and dymanically-balanced arms are consider (again, by some) to be of particular advantage to low-compliance cartridges.
Short answer: if your tonearm is a dynamically-balanced arm and it's balanced (VTF is set properly), then it's dynamically balanced.
Long answer: a static-balanced arm is a simple counterweighted lever. A dynamically-balanced tonearm still has to be statically balanced (more or less) but uses a spring or method to apply an inertia-damping force to the tonearm in two planes. In general, static-balanced arms are considered by some to be superior for high-compliance cartridges and dymanically-balanced arms are consider (again, by some) to be of particular advantage to low-compliance cartridges.
Short answer: if your tonearm is a dynamically-balanced arm and it's balanced (VTF is set properly), then it's dynamically balanced.