Tools -> options -> track changes (or whatever it is in your version of Word) is about as much control as you will get. Reducing the preferred width dramatically may help you, as will forcing landscape mode if a ballon is present. Remember the intent is to show you a publish-ready page layout with the balloons present, hence the page reduction.
Alternatively, you could select print without markup, then select print "list of markup". This will give you a "clean" document plus the list of comments (and all other changes).