With the players from that era it's always subjective, of course (not that we can form an objective opinion about anything though, but that's the question to the philosophers) - but I feel that Matthews failed to make an impact on the highest level, most importantly in the international tournament. His Ballon D'Or (again, from what I've read) was mostly a testament to his outstanding career, more alike today's Golden Foot.
He is widely considered as one of the best dribblers to play the game - along with Garrincha, Dzajic himself and a few others, but for me he is a better version of Johnstone (and this is a highly praise from me) and not a real contender for the winger's spot in the all-time XI.
Dzajic, though, was absolutely immense in 1968 (and very, very unlucky not to win the title) and in 1976, playing for a significantly worse teams.
When we are talking about the best wingers of all time it's Dzajic on the left and Garrincha on the right for me (although I'm excluding Best as he was more of a free-roaming attacker - he is an equal to Garrincha and Dzajic is a level below them, and not counting the inside-forwards like C. Ronaldo and Kalle). I'm a bit of a Dzajic fan boy though
I won't try to make it Dzajic vs Matthews, I love Dzajic myself and can see anyone preferring one over the other. What I'd like to clear up is his Ballon d'or award. From all that I read, it was awarded like always by a panel of voters with Sir Stanley receiving 47 points over Di Stefano receiving 44, Kopa 33 and Puskas 32 points. The voting might be considered contentious like it was in many other years, but it wasn't an honorary award.
As for why would he receive it, in that year - He led Blackpool to second place behind only to Sir Busby's first great United team. England also played some blinders in that time as well: Hammering Spain @ Wembley 4-1 in Nov. of '55 (technically before '56, but I'm sure that it was still fresh in the voters' minds). In May of '56 England also hammered a Brazil XI 4-2 that had many of the future Sweden '58 WC-winners in the line-up while Sir Stan gave Nilton Santos, then considered one of the TOP left-backs around, a torrid time all throughout the match. Later in the same month, England also defeated W. Germany, who were the defending WC-champions, 3-1 on Germany's home turf in Berlin. So, while Di Stefano almost certainly had the better club season, Sir Stan almost definitely had the better year at international level.
On the other point of International success, he was also immensely unlucky. He lost his very peak years (23 - 31) to the war, but more importantly had to deal with stupid English International selection committee. In the '50 WC Stan was left out of the England vs USA match that would've almost certainly guaranteed England moving on to the 2nd rd. had England won the match. This was an oversight by the ISC, who was actually a comm. of one.
In the '58 WC qualifiers Sir Stan played a big role in getting England to Sweden '58. Then he was left off the tournament roster by the ISC along with Nat Lofthouse AND John Atyeo. All of this was AFTER England had lost so many key players from the tragic Munich air crash. Put Roger Byrne, Duncan Edwards & Taylor back in that '58 England side, Johnny Haynes running the show in midfield with Finney & Sir Stan on both flanks & a choice between the likes of Atyeo, Lofthouse &/or Taylor up front & there's a very good chance that Sir Stan gets his WC-winners medal in '58. There was no Euro at that time as well to make an impact, it was WC or nothing.