The elven rings don't enhance their bearers in terms of "individual powers". That being said Galadriel, who stood along with Melian much more time than Glorfindel with any Maiar, was capable of destroying a fortress and eradicate all darkness in that place, said to be the greatest Eldar of the Third age and the greatest of all times save Feanor would be more powerful than Glorfindel for sure.
Galadriel in the Third Age would use Magic against a Balrog and would probably demolish him.
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