I think it works for some kids for whom school is a struggle, for whatever reason.
But I have 2 big reservations, and I'd be interested if the home school supporters could respond the them.
Firstly, in order to educate a child you have to have a degree of intelligence yourself, and plenty of spare time. Many people I've come across who choose to home educate have neither. They rely on the internet to educate their child, and it's often actually just gaming all day. Whilst gaming can facilitate some skills, it's far from a broad education.
Secondly, I've also seen situations in which the eldest child isn't neurotypical, and is quite reasonably home educated as a result. However, this then sets a precedent and the subsequent children (who are NT) are home educated against their will. I knew a family where the DD begged to go to school, and was promised repeatedly "next year". When she finally went in year 11, she was too far behind to manage GCSEs.
These are, in my experience, quite common scenarios, and is why I'm less than supportive of the concept of home schooling. There would need to be a lot more regulation before I could view it as a largely good thing.