As a mum of a reluctant reader and as a teacher (currently Key Stage 2 but with plenty of Reception experience), I would insist on the daily reading but forget about the homework sheets. That's ridiculous for Foundation.
If you are supposed to read the same book 3 times, then the school is probably using Read Write Inc.
The repetition is frustrating but they're extremely effective in developing children's phonic understanding and reading fluency. They're also very short!
Find a time that works best (or is the least worst), develop a routine and stick to it eg get home, snack, reading and then chill or breakfast, reading, off to school.
Dd reads the school book first then gets to choose a book for you to read to her. Make sure she understands why you are insisting on this ie you will always read to her, for as long as she wants, even when she's a fluent reader but if she keeps practising with the school books then she'll be able to read all her lovely books herself and won't have to wait for you to finish cooking dinner or doing housework etc
By the way, to the poster who said that the only thing they are hot on is practising spellings the night before a test (sorry but I'm on my phone and can't see previous posts to tag anyone) that's an easy thing to do but not particularly helpful.
Children who only practise spellings the night before a test will get them right for a test but they are only in the short term memory, not the long term and children will continue to spell them incorrectly in their other writing.
The best things that parents can do to help their children at school is to talk to them, read to them and get them to practise reading themselves For Reception, developing self-help and social skills is also crucial. Never underestimate the importance of teaching a child how to blow their nose or wipe their bottom!
As children progress through primary school, helping them to learn number facts so that they have instant recall of number bonds, doubles and times tables will really help them with their maths.