Yes, the ball at Copacabana Palace is a great way to party in style, if you can afford it. Pay attention to the dress code by looking at pictures of previous years as it's obviously not a black tie event...

Regarding the rest of the festivities, bear in mind that street parties (blocos) usually happen during the day (7am - 4pm) and last for only 4h each. In general, avoid the ones on the beachside as they attract the wrong crowd. Most people attending a bloco are in their 20s so keep in mind you may feel old if that's not your age group.

The parades happen at night (11ish pm till 5am). I personally find them boring. You'll need tickets beforehand and getting there and back is a hassle since taxis are out to scam you. Uber works great in Brazil: cheap and plentiful. But DO leave your iPhone X at home/hotel and use a more modest smartphone when out and about...