Cloudflare's distributed network and CDN does help with balancing the load on your site, and can be combined with Cloudflare's own Load Balancing feature to do DNS-based load balancing, failover and geo-steering based on the health of your origin servers.
Active availability monitoring checks the health of your servers to make intelligent traffic routing decisions. Through periodic HTTP/HTTPS requests, monitoring can be configured for specific URLs with customizable intervals, timeouts, and status codes. We can even check for specific text in a response. Availability monitoring can be configured to check the health of your origin servers as often as every 15 seconds, with reporting via email notifications and a REST API.
Our highly available DNS infrastructure makes failing over fast, increasing service reliability. Traffic proxied through Cloudflare's CDN is able to failover within seconds, circumventing the need to wait for visitors' DNS caches to refresh. As soon as an origin server or pool of origin servers are detected as unhealthy/down, Cloudflare’s automatic, multi-region failover automatically distributes traffic to healthy origins servers.