Homelander goes through such highs and lows over the season, it practically gave us whiplash. He goes from feeling like the king of his castle to losing everything in one afternoon. We never learn exactly how Homelander feels about Stormfront's white supremacist beliefs and whether he actively agrees with her, but it's obvious that he feels drawn to her and suffers deeply when Ryan's laser blast renders her senseless. The knife of despair drives even deeper when Ryan chooses to go to Billy instead of Homelander, effectively leaving the Supe without any "loved" ones.
At the end of his rope, Homelander is ready to destroy everyone that's left, but is stopped when Queen Maeve threatens to release the video of Homelander forcing her to leave a plane full of passengers to die. The idea of no longer being loved by the public, which is the only thing left for him at this point, pushes Homelander to agree to leave Billy and Ryan alone, and to stop torturing Maeve and Starlight. In the end, he's right back where he believes he belongs, leading the Seven and being beloved by the public.
