Can I cash out my iTunes balance

You can only use Apple ID balance by purchasing items. It cannot be refunded or transferred except under very limited circumstances:

Check your Apple ID balance - https://support.apple.com/HT202359 -->

"About unused Apple ID balance

You can't redeem or return Apple Gift Cards, App Store & iTunes Gift Cards, or unused Apple ID balance for cash, except as required by law. If your jurisdiction allows for refund of redeemed gift balances, you can contact Apple Support."