First, to deflate a balloon, it has to be inflated.
To inflate a balloon, particularly the long ones, you have to stretch them and warm them up a bit. Then you blow, and blow a bit more. Right until you see the rubber is close to breaking point.
That’s when you are supposed to tie a knot and play with your balloon.
And that’s when you can just let it loose, and watch it deflate. With or without a lot of noise and flapping about. It depends on the balloon.
They are, however, very much alike once deflated. Quite empty, a bit sad and wrinkly, and not much fun.
But then again, they may be reinflated, and thus they feel much better than of they had been popped.