No, Homelander doesn't die in this one. But the entire power dynamic of the show has shifted - Vought has nothing keeping it in check anymore, Honelander has realised he can literally do whatever he wants and now has an up-and-coming Homelander Jr. In Ryan. Noir is dead, Maeve is off the board. Butcher's on a countdown, and The Boys no longer have anyone inside of Vought. Things are arguably in a worse place than ever. Very excited to see where they go from here.