If you do this with a sperical universe, you must begin from the surface of the sphere and we're not on the surface.
The reason it's an analogy is because you have to go from the ballon example, which is a 2d surface expanding in 3 dimensions, to our universe, proposed as a 3d
hypersurface expanding in 4 dimensions.
Since human beings can't really visualize that, we communicate it by analogy. So, we
are on the hypersurface of an expanding hypersphere, like the 2d surface of the 3d balloon.