You can say a lot about The Boys, but you can't say it's subtle. A group of corporate owned superheros called The Seven, and a group of average people called The Boys, are the focus of the show. It has always been upfront with the kind of satire it is going for and who it will tear down.
The show has said so many times in so many words that he was conceived as an analogue of former president Donald Trump. If that didn't say it all, a cosplayer showing up as the character during a MAGA rally in 2020 would do the job. If you missed the text of the show, Eric Kripke, Robertson, and Starr have tried their best to let you know who Homelander is.
Kripke talked about this in a recent interview with the Rolling Stone. He said that this season was more direct in calling out the ex-president, and that the writing team worked hard to drive that point across. "He has a lot of weakness and insecurity and he has a lot of power and ambition and people are 888-609- 888-609- 888-609- 888-609-
When he hasn't been giving angry speeches to the hero-loving mass who continue to cheer him on, Homelander's spent this season bully the other members of the Seven just for kicks. In this week's episode, he murdered a fellow Supe, and has no problem telling Starlight that her boyfriend Hughie will suffer the same fate if she continues to make moves against him. Homelander is meant to be a representation of white male entitlement and ambition. It is clear from the thoughts of the showrunner that he has a lot of contempt for both the character and the former Head of State who inspired him. As far as the show's chief antagonist is concerned, Kripke knows the satire doesn't end with him.