Page vs. Template
With Full Site Editing, you can edit pages, including the home page, directly in the Site Editor, but you don't have to. As this can be confusing for some users, we have summarised everything you need to know below:
By default, most Full Site Editing themes come with a home template. If this is the case, all the content of your home page will be managed in the Site Editor, i.e. there will be no home page in your page list. All other pages are controlled by the regular page template.
What to be aware of when editing pages in the Site Editor: Not all WP plugins are set up for full site editing yet. For example, the popular SEO plugin Yoast does not yet allow you to edit SERPs in templates. This can result in your front page not having an ideal title & description for search engines.
Furthermore, the Site Editor does not only allow you to edit content, but also to easily change header and footer templates for the entire website. So make sure you only give the appropriate user role permissions to users who know what they are doing 😉!
Homepage Settings
If you want to manage your home page content the "traditional" way on the page instead of using a template, go to the WordPress settings menu and select which page you want to set as your homepage.
Our Recommendation:
Although there are still a few things to keep in mind when editing pages in the Site Editor, we still recommend that you get started. WordPress is constantly adding features to the Site Editor with the goal of providing a single interface for editing your entire website.