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IMHO, there's a significant imbalance, leaning heavily towards the Town.
Firstly, all Town roles have defined functions. The Mafia only has killing and redirecting + 25% chance to bypass protection. That's rather limited.
Secondly, the Town has a stable pairing with the possibility of expanding to a team of three + the Chessmaster can identify a friend. That's a strong advantage.
Thirdly, the Town has two blocking roles.
Fourthly, the Mafia has too many telltale signs – the gramophone, the Hatter with the Illusionist, the General if the Director fails, the additional role, and the overpowered Thief.
Something else.
x)