Re: home is home be it ever so homely
Your sentence refers to this quotation:
The second line here implies that although one's home may be extremely rudimentary, it is nonetheless one's favourite place.
Mid pleasures and palaces though we may roam,
Be it ever so humble there's no place like home!
In your example, "homely" replaces "humble". Sometimes "homely" means simply "comfortable like home"; but it can also mean "plain". (It can also serve as a euphemism for "not pretty", in relation to people.) In your example, this second meaning is the intended meaning.
Not a professional ESL teacher.